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Douglas County School District
Annual Comprehensive
Financial Report
For Year Ended June 30, 2022
Douglas County
School District Re 1
620 Wilcox Street
Castle Rock, CO 80104
www.dcsdk12.org
1
Erin Kane
Superintendent
Prepared by:
Office of Business Services
Jana L. Schleusner
Interim Chief Financial Officer
Director of Finance
DOUGLAS COUNTY SCHOOL DISTRICT RE.1
620 Wilcox Street
Castle Rock, Colorado 80104
ANNUAL COMPREHENSIVE
FINANCIAL REPORT
For the Year Ended June 30, 2022
2
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3
DOUGLAS COUNTY SCHOOL DISTRICT RE.1
Annual Comprehensive Financial Report
June 30, 2022
Table of Contents
INTRODUCTORY SECTION
Board of Education
.............................................................................................................................
8
Leadership Team
................................................................................................................................
9
Organization Chart
..............................................................................................................................
10
Mission and Vision
.............................................................................................................................
11
Letter of Transmittal
...........................................................................................................................
13
GFOA Certificate of Achievement
.....................................................................................................
18
FINANCIAL SECTION
Independent Auditors’ Report
............................................................................................................
20
Management’s Discussion and Analysis
............................................................................................
24
Basic Financial Statements
Statement of Net Position
...................................................................................................................
39
Statement of Activities
.......................................................................................................................
40
Governmental Funds - Balance Sheet
.................................................................................................
42
Reconciliation of the Governmental Funds Balance Sheet to the
Government-wide Statement of Net Position
................................................................................
43
Governmental Funds - Statement of Revenues, Expenditures and Changes in Fund Balances
..........
44
Reconciliation of the Statement of Revenues, Expenditures and Changes in
Fund Balances of Governmental Funds to the Statement of Activities
.........................................
45
Proprietary Funds
Statement of Net Position
.........................................................................................................
46
Statement of Revenues, Expenses and Changes in Fund Net Position
.....................................
47
Statement of Cash Flows
..........................................................................................................
48
Fiduciary Funds
Statement of Fiduciary Net Position
.........................................................................................
49
Statement of Changes in Fiduciary Net Position
......................................................................
50
Notes to the Financial Statements
.......................................................................................................
51
Required Supplementary Information
Budgetary Comparison Schedules
Combined General Fund - Budgetary Comparison Schedule
...................................................
86
Governmental Designated Purpose Grants Fund 22 - Budgetary Comparison Schedule
.........
87
Defined Benefit Pension Plan Schedules
Schedule of the District’s Contributions - PERA
.....................................................................
88
Schedule of the District’s Proportionate - Share of the Net Pension Liability
..........................
90
Schedule of the District’s Contributions - OPEB
.....................................................................
92
Schedule of the District’s Proportionate - Share of OPEB Liability
.........................................
94
Supplementary Information
Combined General Fund
Comparative Balance Sheet
................................................................................................................
100
Combining Balance Sheet
...................................................................................................................
101
Combining Schedule of Revenues, Expenditures and Changes in Fund Balances
.............................
102
4
DOUGLAS COUNTY SCHOOL DISTRICT RE.1
Annual Comprehensive Financial Report
June 30, 2022
Table of Contents
FINANCIAL SECTION (continued)
Supplementary Information
(continued)
Combined General Funds (continued)
Schedule of Expenditures by Object - Budget to Actual
....................................................................
103
Schedule of Expenditures by Program - Budget to Actual
.................................................................
104
Comparative Schedule of Revenues, Expenditures and Changes in Fund Balance
............................
105
Non-Major Governmental Funds
Combining Balance Sheet
..................................................................................................................
108
Combining Schedule of Revenues, Expenditures and Changes in Fund Balances
.............................
109
Fund 21 - Nutrition Services National School Lunch Program (NSLP) Fund - Schedule of
Revenues, Expenditures and Changes in Fund Balance
..........................................................
110
Fund 23 - Pupil Activity Fund - Schedule of Revenues, Expenditures and Changes in Fund Balance
111
Fund 26 - Athletics and Activities Fund - Schedule of Revenues, Expenditures and
Changes in Fund Balance
........................................................................................................
112
Fund 28 - Nutrition Services Non-National School Lunch Program (NSLP) Fund -
Schedule of Revenues, Expenditures and Changes in Fund Balance
......................................
113
Fund 29 - Child Care Fund - Schedule of Revenues, Expenditures and Changes
in Fund Balance
.......................................................................................................................
114
Fund 39 - Certificates of Participation Lease Payment Fund - Schedule of Revenues,
Expenditures and Changes in Fund Balance
............................................................................
115
Governmental Designated Purpose Grants Fund
Fund 22 - Comparative Balance Sheets
..............................................................................................
118
Fund 22 - Schedule of Revenues, Expenditures and Changes in Fund Balance
.................................
119
Bond Redemption Fund
Fund 31 - Comparative Balance Sheets
..............................................................................................
122
Fund 31 - Schedule of Revenues, Expenditures and Changes in Fund Balance
.................................
123
Building Fund
Fund 41 - Comparative Balance Sheets
..............................................................................................
126
Fund 41 - Schedule of Revenues, Expenditures and Changes in Fund Balance
.................................
127
Internal Service Funds
Combining Balance Sheet
..................................................................................................................
130
Combining Schedule of Revenues, Expenses and Changes in Fund Net Position
.............................
131
Combining Statement of Cash Flows
.................................................................................................
132
Fund 65 - Medical Fund - Schedule of Revenues, Expenses and
Changes in Fund Net Position
..................................................................................................
133
Fund 66 - Short Term Disability Fund - Schedule of Revenues, Expenses and Changes
in Fund Net Position
................................................................................................................
134
5
DOUGLAS COUNTY SCHOOL DISTRICT RE.1
Annual Comprehensive Financial Report
June 30, 2022
Table of Contents
FINANCIAL SECTION (continued)
Supplementary Information
(continued)
Fiduciary Fund
Fund 75 - Private Purpose Trust Scholarship Fund - Schedule of Changes in
Fiduciary Net Position - Budget to Actual
...............................................................................
136
Component Units (Charter Schools - Discretely Presented)
Combining Statement of Net Position
................................................................................................
138
Combining Statement of Activities
.....................................................................................................
142
STATISTICAL SECTION
Listing of Statistical Information
........................................................................................................
149
Net Position by Component
................................................................................................................
150
Change in Net Position
.......................................................................................................................
152
Fund Balances, Governmental Funds
.................................................................................................
154
Change in Fund Balances, Governmental Funds
................................................................................
156
Assessed Value and Estimated Actual Value of Taxable Property
.....................................................
158
Direct and Overlapping Property Tax Rates
.......................................................................................
160
Principal Property Tax Payers
............................................................................................................
161
Property Tax Levies and Collections
..................................................................................................
163
Ratios of Outstanding Debt by Type
..................................................................................................
164
Ratios of Net General Bonded Debt Outstanding
...............................................................................
166
Estimated Overlapping General Obligation Debt
...............................................................................
167
Legal Debt Margin
..............................................................................................................................
172
Demographic and Economic Statistics
...............................................................................................
174
Principal Employers
............................................................................................................................
175
Full-time Equivalent (FTE) District Employees by Function/Program
..............................................
176
Operating Indicators
...........................................................................................................................
178
Capital Asset Statistics by Type
.........................................................................................................
180
COMPLIANCE SECTION
Electronic Financial Data Integrity Check Figures
.............................................................................
183
6
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7
INTRODUCTORY
SECTION
8
DOUGLAS COUNTY SCHOOL DISTRICT RE.1
Annual Comprehensive Financial Report
June 30, 2022
Board of Education
From left to right: Mike Peterson, Kaylee Winegar, Christy Williams, Becky Myers,
David Ray, Susan Meek, and Elizabeth Hanson.
Name
Position/District
Term Expires
Mike Peterson
President – District B
2025
Christy Williams
Vice President – District E
2025
Susan Meek
Director - District A
2023
Elizabeth Hanson
Director – District C
2023
Becky Myers
Secretary – District D
2025
David Ray
Director – District F
2023
Kaylee Winegar
Treasurer – District G
2025
Mission Statement
The Douglas County School District Board of Education serves as the link between the
school system and the community, setting the policies that allow students to acquire the
knowledge, skills, and dispositions to be responsible citizens who contribute to our society.
9
DOUGLAS COUNTY SCHOOL DISTRICT RE.1
Annual Comprehensive Financial Report
June 30, 2022
Leadership Team
Erin Kane
Superintendent
Superintendent
Cabinet
Danelle Hiatt
Deputy Superintendent
Danny Winsor
Assistant Superintendent
Mary Kay Klimesh
General Counsel
Mark Blair
Chief Technology Officer
Richard Cosgrove
Chief Operations Officer
Jana Schleusner
Interim Chief Financial Officer
Stacy Rader
Communications Officer
Matt Reynolds
Learning Services Officer
Amanda Thompson
Chief Human Resources Officer
10
12
11
MISSION
The mission of the Douglas County School District (DCSD) is to provide an educational foundation that allows each student to
reach his or her individual potential.
VISION
The Douglas County School District strives to maximize the potential of every student to pursue his or her chosen endeavor in
society including, but not limited to, postsecondary education, career, or military service.
Board of Education End Statements
I.
Academic Excellence
A.
All students have equitable access to a Douglas County public school that promotes growth in their cognitive,
physical, social and emotional needs and builds on their strengths.
B.
Academic expectations are clearly articulated and supported with an appropriate curriculum that includes
content, scope and sequence.
C.
Every student has equitable opportunity to acquire the knowledge and skills that will ensure performance at his/
her highest individual potential.
D.
A diverse set of educational options are provided, which enables students to pursue different post-secondary
options (e.g. college, career and technology education, independent living, military or direct entrance into the
workforce).
E.
Students graduate with acquired content and cultural knowledge, workforce readiness, interpersonal skills, civic
responsibility, global awareness, independent living and an understanding of the essentials for health and
wellness.
(Approved at the March 20, 2018 Board of Education Meeting)
II.
Outstanding Educators and Staff
A.
Quality educators and staff have been recruited, developed, supported, retained and celebrated.
B.
A positive, growth-oriented performance assessment system has been identified, adopted, and implemented.
C.
Research-based professional development opportunities are consistently provided, reflect best practices, allow
for innovation, and promote lifelong learning.
D.
Communication between and among students, parents, community, educators and staff is frequent, collaborative,
and helpful.
E.
Educators and staff are valued and given multiple opportunities for their voices to be heard.
(Approved at the May 8, 2018 Board of Education Meeting)
III. Safe, Positive Culture and Climate
A.
A purposeful focus on creating a caring, safe, fun, supportive, and positive learning and working environment for
all students, district employees, parents, and community is manifest throughout the district.
B.
There is clear evidence and a common understanding of the shared belief that all students can succeed when
given a safe and caring learning environment. To that end:
1.
District employees, parents, and community work collaboratively, proactively and responsibly to ensure
the psychological wellbeing of all students.
2.
A focused level of teamwork and professional development is on-going among district employees,
community, and law enforcement agencies to ensure the physical safety of students, district employees
and visitors.
C.
Behavior Expectations are clearly articulated, supported, and taught.
D.
Multiple communication systems are available and used by students, district employees, parents, and community
to ensure all voices are heard.
(Approved at the August 7, 2018 Board of Education Meeting)
DOUGLAS COUNTY SCHOOL DISTRICT RE.1
Annual Comprehensive Financial Report
June 30, 2022
Mission and Vision
12
Board of Education End Statements (Continued)
IV. Collaborative Parent, Family, and Community Relations
A.
Parents, guardians, families, and community members partner with each other and the District to empower
students to maximize their individual educational experience.
B.
Collaboration with community, business, government, educational, and organizational leaders is sought to
provide opportunities for students to create positive change and provide service in our community.
C.
Schools are the center of community learning, entertainment and gathering.
D.
Multiple effective pathways for communication are available to all parents, guardians, families,
community members, and district employees and are conducted with respect and kindness.
(Approved at the September 18, 2018 Board of Education Meeting)
V. Financial Well-Being
A.
The Board of Education and all district employees are good stewards of the financial resources belonging
to the district on behalf of students and taxpayers.
B.
All district funds and expenditures are handled equitably, efficiently, transparently, responsibly, and
purposefully to maximize the benefit for all students.
C.
All district fiscal transactions are legal, ethical, and appropriate in keeping with district regulations and
goals.
D.
Long-term financial stability and accountability has been established, maintained, and actively monitored
in order to accomplish Board of Education End Goals.
(Approved at the October 2, 2018 Board of Education Meeting
DOUGLAS COUNTY SCHOOL DISTRICT RE.1
Annual Comprehensive Financial Report
June 30, 2022
Mission and Vision
THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK
13
Mrs. Erin Kane
Superintendent
December 7, 2022
District Citizens and Members of the Board of Education
Douglas County School District (DCSD) RE.1
Castle Rock, Colorado
80104
It is our pleasure to submit to you the Douglas County School District RE. 1 (the District or DCSD) Annual
Comprehensive Financial Report for the fiscal year ended June 30, 2022. State law requires that all local governments publish
within six months of the close of each fiscal year a complete set of financial statements presented in conformity with generally
accepted accounting principles in the United States of America (U.S. GAAP) and audited in accordance with generally accepted
auditing standards by a firm of licensed certified public accountants.
This report consists of DCSD management's representations concerning the finances of the District. Consequently, management
assumes full responsibility for the completeness and reliability of all of the information presented in this report. To provide a
reasonable basis for making these representations, management of the District has established a comprehensive internal control
framework that is designed both to protect District assets from loss, theft, or misuse and to compile sufficient reliable
information for the preparation of the District's financial statements in conformity with U.S. GAAP. Because the cost of
internal
controls should not outweigh their benefits, the District comprehensive framework of internal controls has been
designed to provide reasonable rather than absolute assurance that the financial statements will be free from material
misstatement. As management, we assert that, to the best of our knowledge and belief, this financial report is complete and
reliable in all material respects.
Under provisions of Article 29-1-603, Colorado Revised Statutes, 1973, an independent public accounting firm must perform an
annual audit of the District’s accounts. CliftonLarsonAllen LLP Certified Public Accountants have issued an unmodified (clean)
opinion on the District’s financial statements for the year ended June 30, 2022. The independent auditors’ report is located
immediately following this letter of transmittal. The independent audit of the District’s financial statements also includes the
federally mandated “Single Audit” designed to meet the special needs of federal grantor agencies. The standards governing
Single Audit engagements require the independent auditor to report not only on the fair presentation of the financial statements,
but also on the audited government’s internal controls and compliance with legal requirements, with special emphasis involving
the administration of federal awards. The results of the District’s single audit for the period ending June 30, 2022, are reported
in a separately issued report.
U.S. GAAP requires management to provide a narrative introduction, overview, and analysis to accompany the basic financial
statements in the form of Management's Discussion and Analysis (MD&A). This letter of transmittal is designed to complement
the MD&A and should be read in conjunction with it. The MD&A of the Douglas County School District can be found
immediately following the report of the independent auditor.
14
Profile of the District
The District's boundaries are largely coterminous with those of Douglas County with just a small portion of the District located
in Elbert County. The District is located immediately south of the Denver metropolitan area along the eastern slope of the Rocky
Mountains, and includes the towns of Castle Rock, Parker and Larkspur; the cities of Lone Tree and Castle Pines, and the
unincorporated area of Highlands Ranch. The District encompasses approximately 867 square miles and has a population of
about 373,275 in Douglas County in addition to a small population in Elbert County. The District receives funding from local,
state and federal government sources and must comply with the requirements of each of these funding sources.
The District provides a full range of PreKindergarten-12 (PreK-12) educational school programs and services for 63,876 students
including basic education in elementary, middle and senior high schools, online educational options, vocational education, home-
schooled student support, and other opportunities for personalized learning designed to meet the unique needs of each individual
student. About 2,048 of these students are enrolled in one of DCSD’s online learning schools, eDCSD or HOPE Online. While
eDCSD online school enrolls students from kindergarten through twelfth grade, HOPE online only offers services to middle and
high school students. Both online schools offer a valuable alternative to the traditional education environment.
The District is governed by a seven-member Board of Education (the Board or BOE), whose members are elected by the
qualified electors within the District's boundaries. General duties which the Board is empowered to perform include employing
and compensating all personnel necessary to maintain operations and carry out the educational programs of the District; fixing
attendance boundaries; establishing annual budgets; determining the educational programs carried on in the schools of the
District; and prescribing the textbooks of any course of instruction or study in such educational programs.
The District includes as discretely presented component units seventeen (17) charter schools; Academy Charter School,
American Academy with three sites - one in Castle Pines and two located in the Town of Parker, Aspen View Academy, Ben
Franklin Academy, Challenge to Excellence Charter School, DCS Montessori Charter School, Global Village Academy-Douglas
County, HOPE Online Learning Academy Co-Op, Leman Classical Academy, North Star Academy, Parker Core Knowledge,
Parker Performing Arts School, Platte River Academy, Renaissance Secondary School, SkyView Academy, STEM School and
Academy, and World Compass Academy.
Charter schools are public schools approved by the DCSD Board of Education and authorized by the State of Colorado
to provide alternatives for parents, pupils, and teachers. These schools have separate governing boards and are funded by the
School Finance Act of the State of Colorado and Douglas County School District Mill Levy Override funds with revenues
passing through the District. Though fiscally and programmatically independent, the District provides many supports and
services for these charter schools.
Budget Process and Budgetary Controls
The annual budget serves as the foundation for the District’s financial planning and control. A proposed budget is developed
based on budget requests of the individual departments and schools of the District. The administration presents the proposed
budget to the Board of Education for review. A public hearing is held on the proposed budget, and a final budget is adopted no
later than June 30 prior to the new fiscal year that begins July 1. The Board of Education may revise the budget due to
unforeseen circumstances that did not exist at the time of the original budget adoption such as emergencies or unanticipated
revenues. The Board of Education may also revise the budget due to enrollment changes at October Count and/or the Mill Levy
tax rate setting in December.
15
The District maintains numerous budgetary controls. The objective of these controls is to ensure compliance with legal provisions
embodied in the annual appropriated budget adopted by the Board of Education while simultaneously providing autonomy and site
level control to individual budget owners. The level of budgetary control (that is, the level at which expenditures cannot legally
exceed the appropriated amount) is established at the individual fund level. The District also maintains an encumbrance accounting
system. Encumbered amounts that lapse at year-end are generally re-established in the following year as an obligation against the
appropriated budget of the next year.
Local Factors Affecting Financial Condition
District Leadership:
As of March 31, 2022, Mrs. Erin Kane was named Superintendent.
Mrs. Kane served as the Executive
Director of American Academy, a District charter school, for many years, and served as the
District’s Interim Superintendent
from 2016-2018.
The Superintendent’s priorities include bridging the divide in our community, fostering a positive culture and
stability for students, staff, families, and community, providing competitive pay for all staff, creating the best academic futures for
our
students which includes social emotional wellbeing, and ensuring every one of our students graduates high school with a
pathway to success.
Throughout fiscal year 2021-2022 the District focused on rebounding from learning challenges caused by the novel coronavirus
(COVID-19) pandemic which resulted in declining enrollment and reduced funding through the State School Finance Act for
Districts throughout the State.
The District was fortunate to be a recipient of federal stimulus dollars from the Elementary and
Secondary School Emergency Relief (ESSER) Fund for COVID-19 relief.
These funds were primarily spent in the 2021-2022
school year and were used for eLearning, summer learning, unfinished learning (tutoring, truancy, and family liaisons), and non-
instructional support (professional growth, health wellness and prevention, information technology and operations and
maintenance).
Additionally, the National School Lunch Program continued to allow the District to provide free lunches to all
students during the school year.
The District remains dedicated to creating a more competitive system of compensation as evidenced by final implementation of a
new pay structure which includes a step and lane system for certified employees as well as a full review and market analysis of all
non-certified positions within the District.
All of the compensation work begins to move the District towards more competitive
pay for all employees in accordance with the Superintendent's goals. These new pay structures will fully take effect in the 2022-
2023 school year.
Demographic Trends:
The population in Douglas County decreased by 1.5 percent from the prior calendar year or 5,725 fewer
residents. While residential building in the County continues to grow, many planned developments were slowed during the
pandemic and substantial growth is still expected over the next 20 years.
Two cities in Douglas County were ranked among the
best small cities in the U.S. to start a business, according to a 2022 WalletHub analysis comparing 1,334 small cities.
As several
large businesses are scheduled to expand or open in the County, the employment activity continues to have a positive
outlook.
Employment in Douglas County increased 5.9 percent between the fourth quarters of 2020 and 2021, rising by 7,646
jobs over the year.
The Douglas County unemployment rate fell 2 percentage points between the first quarters of 2021 and 2022,
decreasing to 2.9 percent and the County’s labor force rose 3.9 percent over the year..
Colorado’s unemployment rate fell 2.6
percentage points to 3.8 percent between the first quarters of 2021 and 2022 and the state’s labor force increased 3.3 percent.
Nationally, in the same first quarter report, the U.S. unemployment rate was 4.1 percent and the labor force rose 2.3 percent during
the same period.
Douglas County School District enrollment is continuing to decline, yet still remains the third largest school district in the State of
Colorado. Student growth remains an important factor in 2022-2023 and for the District’s long-term future; however the impact
future growth of the County will have on enrollment is yet to be seen. The membership for 2022-2023 is estimated at 62,872
16
(charter schools are also included in pupil counts) students. The Funded Pupil Count (FPC) for 2022-2023 is projected at
63,156, of which 1,752 are online students.
Though the District is at a relatively low student growth point in its history, Douglas County School District is expected to grow
substantially over the next 20 years with residential and commercial growth. The new Sterling Ranch development which broke
ground in July of 2015, is zoned for 12,050 homes and is expected to generate approximately 2,500 elementary students, 750
middle school students and 1,500 high school students.
The Canyons Development recently under construction in the City of Castle Pines broke ground in 2018 and is anticipated to
have 5,000 residential units, which currently translates to an additional approximately 4,000 students at build-out. The Trails at
Crowfoot and Looking Glass subdivisions, (formerly the Hess Ranch development) in the Town of Parker anticipates 3,379 new
dwelling units and is expected to generate approximately 2,300 students at build-out. The adjacent Anthology North
Development located north of Stroh Road, has yet to break ground but is entitled for 3,305 residential units and is expected to
generate approximately 1,300 students.
Other notable developments within the District are Ridgegate East in Lone Tree with an estimated 8,000 residential units to be
built on the East side of I-25. The Town of Castle Rock has two major developments that are expected to have a significant
number of students. The first is The Canyons South with 968 dwelling units and an expected approximately 900 students. The
second is Crystal Valley Ranch which has 2,330 of the allowed 3,423 residences completed and is anticipated to generate
approximately 3,000 students at full build out.
State Education Fund Revenue Forecast:
The September 2022 Office of State Planning and Budgeting (OSPB)
Revenue
Forecast reported the economic outlook in Colorado remains positive and continues to recover from the COVID-19
recession.
General Fund revenues for 2021-2022 grew by 23.7 percent from the 2020-2021 levels, increasing at a historic
rate.
The General Fund expectations for the 2022-2023 fiscal year are expected slightly surpass 2021-2022, but fail to keep pace
with inflation.
The aggressive monetary policy response to inflation and a faltering global economy pose significant risk to the
economic outlook, elevating the risk of recession.
Revenue to the State Education Fund for the 2023-2022 fiscal year is
expected to increase by $197 million, while the estimated funded pupils are expected to decrease by about 20,511 pupils
year-over-year, inflation expectations for 2022 have increased.
It is expected that
local share revenue will increase by up to
$317 million due to increased assessed values, while specific ownership taxes collections are expected to increase by 3
percent.
Currently, the budget stabilization factor is assumed to remain at its current level.
The Colorado Constitution requires that one-third of one percent of taxable income from Colorado taxpayers be credited to the
State Education Fund. In addition to this revenue, policies enacted over the past several years have transferred other General
Fund money to the State Education Fund.
Significant Financial Policy Changes
1.
The District adopted the requirements of GASB Statement No. 87, Leases, effective July 1, 2021. This standard requires the
recognition of certain lease assets and liabilities for leases that previously were classified as operating leases and as inflows of
resources or outflows of resources recognized based on the payment provisions of the contract.
2.
During the 2021-2022 school year, due to USDA waivers allowing students the opportunity to eat for free, all schools were
moved into the National School Lunch Program.
17
3.
In November 2022 Colorado voters approved Proposition FF which will provide free lunch to all students beginning in
school year 2023-2024.
Awards and Acknowledgements
The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement
for Excellence in Financial Reporting to Douglas County School District RE.1 for its annual comprehensive financial report for
the year ended June 30, 2021. This Certificate of Achievement is a prestigious national award recognizing conformance with the
highest standards for preparation of a state and local government financial report.
To be awarded a Certificate of Achievement, a government unit must publish an easily readable and efficiently organized annual
comprehensive financial report whose contents conform to program standards. Such a report must satisfy both generally
accepted accounting principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. The District has received a GFOA Certificate of
Achievement for the last thirty-four consecutive years (fiscal years ended 1987-2021).
We believe our current report continues
to conform to Certificate of Achievement requirements, and we are submitting it to GFOA to determine its eligibility for
a certificate for the year ended June 30, 2022.
The preparation of this report would not have been possible without the efficient and dedicated service of the entire staff of the
Business Services Office. We would like to thank all those who played a part in the preparation of this report. Additionally, we
express our appreciation to the members of the Board of Education and the Fiscal Oversight audit subcommittee for their interest
and support in conducting the financial affairs of the District during the year.
Respectfully submitted,
____________________________
________________________
Erin Kane
Jana L. Schleusner
Superintendent of Schools
Interim Chief Financial Officer / Director of Finance
18
19
FINANCIAL
SECTION
20
21
22
23
24
Douglas County School District RE. 1
Management’s Discussion and Analysis
As of and for the fiscal year ended June 30, 2022
As management of Douglas County School District RE. 1 (“the District” or “DCSD”), we offer readers this Management’s
Discussion and Analysis (MD&A) as an overview of the financial activities of the District for the fiscal year ended June 30,
2022. We encourage readers to consider this narrative in conjunction with additional information furnished in the Letter of
Transmittal located on pages 13-17 and the balance of information within this Annual Comprehensive Financial Report (the
Report).
Financial Highlights
The District reports an increase in “Net Position” of $312,996,060 over fiscal year 2021 due mostly to the decrease in the
net pension liability (NPL) associated with Colorado PERA (Public Employees Retirement Association). The decrease in
NPL is due to strong returns realized by PERA on the global market as well as increased contribution rates for employees.
Additionally the nonemployer state contribution, defined in Senate Bill 18-200, which in addition to other changes, required
the state to directly fund PERA in the amount of $225 million annually, was reinstated after one year of suspension. With
the GASB Statement No. 68,
Accounting and Financial Reporting for Pensions,
requirement to post this liability to the
government-wide financial statements, the District reported an increase in Net Position of $313 million, since the liability
actually decreased in the current year. If not for this reporting, the District would instead have reported an increase in Net
Position of over $45.5 million.
Throughout the 2021-2022 school year, the District continued to recover from COVID-19 restrictions by returning to
almost full pre-pandemic programing levels and full in-person learning.
Those programs that were not able to return
fully to previous levels were mostly held back by staffing shortages. Nutrition Services remained for one final year in a
variation of the National School Lunch program in which all students were fed for free.
This program helped to feed
students throughout the year, including high schools that previously were not participating in the program.
In February 2019, the District sold the $250 million bond approved by the voters the previous November. The District
was able to utilize over $70 million during the fiscal year to continue improvements on its aging buildings, buy new
buses and refresh technology. The spend for this bond is beginning to wind down and all funds are expected to be spent
in full by the end of fiscal year 2023-2024.
The District continues to look for efficiencies in providing health-related benefits while still offering a valued benefit to
our employees. For the six years previous to 2020, the District was able to absorb all increases in projected costs for the
four medical plans offered to employees with a minimum of 0.5 Full Time Equivalent. However, due to budget cuts,
slight increases were passed to employees during the previous school year. Medical claims continued to outpace
revenues by $3.2 million. Overall, the medical fund net position was reduced to historically low of $704,109, leaving
reserves at the lower end of actuarial suggested reserves. The District continues to evaluate the appropriate net position
balance for both the Medical and Short-Term Disability Insurance plans to ensure the District can continue to cover all
claims while maintaining reasonable premium charges for both the District and its employees.
The Combined General Fund revenue increased by over $75.4 million, bringing revenues back to almost pre-pandemic
levels. Most of this increase, about $27 million, was due to an increase in per pupil revenue (PPR) of $816 per funded
pupil count (FPC) and a slight increase in funded pupil count, mostly attributed to charter schools. Additionally,
property taxes increased due to increasing assessed values which does not increase overall funding, just reduces the
amount of PPR funded by the state.
Charges for services increased by $8.7 million due to the return of in-person
learning and overall increased student activity resulting in higher tuition, fees and other school-based revenues.
While overall, total Combined General Fund expenses increased, they remained $82 million under budget of which over
$22 million were in the salary and benefits category.
As with many other industries across the nation, the District
continues to struggle with retention and hiring of staff.
Most of these retention issues are in the classified or hourly
positions such as bus drivers, custodians and educational assistants.
To combat some of the turnover, the District
offered almost $10 million District-wide toward retention bonuses paid in September 2022 to those employees on staff
as of June 30, 2022.
District policy of allowing schools to carryover discretionary budget dollars into the next fiscal year continues. Schools
have savings of over $20 million in the General Fund. This policy has empowered schools to scrutinize their
expenditures without fear of losing unspent dollars. This practice promotes good stewardship of taxpayer dollars.
The
government-wide governmental activities, liabilities, and deferred inflows of the District exceeded its assets and
deferred outflows at the close of fiscal year 2021 by $195,172,085 (net deficit) due to the posting of the “Net Pension
Liability” (NPL) of $636,750,686 required pursuant to GASB Statement No. 68. The District portion of the PERA NPL
decreased over fiscal year 2021 by $299,578,148. The significant decrease is due to the reinstatement of the nonemployer
contribution by the State required by SB 18-200 which decreased the District share of NPL by including the State in the
calculation.
DCSD’s portion of the NPL decreased by about 0.721 percent, from 6.193 percent to 5.472 percent.
25
Financial Highlights (Continued)
It is important to note that the District does not have a responsibility to pay the amount shown as the NPL. The direct
liability for DCSD is limited to the annually required contributions established by the Colorado State Legislature. In
addition, the District does not have any control over the investment policies associated with PERA investments. These
responsibilities lie solely with the PERA Board and the PERA administration. Decisions regarding the plan benefit
design and the funding policies lie solely with the Colorado State Legislature.
The
government-wide liabilities
exclusive
of the Net Pension Liability (NPL) and Other Post Employee Benefit (OPEB)
Liability total $512,416,970 for the period ended June 30, 2022, a decrease from the prior year of $64,852,526. This
decrease is due primarily to the scheduled payments on the General Obligation (G.O.) Bond as well as the amortization
of Bond Premium. Aspen View charter school who participated in the District’s 2012 Certificates of Participation
(COP), refunded their portion of this issuance, resulting in over $11 million reduction in the district’s debt.
The new
refunding debt shows only on the charter school’s report beginning in this fiscal year. COP lease payments are
accounted for in the COP Lease Payment Fund, but this fund is sourced from a General Fund transfer. Contrary to this
fact, G.O. bonded debt is serviced through revenues approved by the local taxpayers.
At the close of the fiscal year, the governmental funds of the District reported a combined ending fund balance of
$288,830,466. This ending fund balance represents an overall decrease of $67,321,983 from the prior year primarily due
to the scheduled spend of the 2018 bond proceeds in the Building Fund. The District continues to monitor the fund
balance in the Combined General Fund.
Overview of the Financial Statements
The basic financial statements of the District are comprised of three components: 1) government-wide financial statements,
2) fund financial statements inclusive of governmental, proprietary, and custodial funds, and 3) notes to the financial statements.
The Report also contains other supplementary information in addition to the basic financial statements.
Government-wide Financial Statements
The government-wide financial statements are designed to provide stakeholders (e.g. taxpayers, state and federal government
agencies, and the Board of Education) with a relevant and reliable overview of the District finances, to assist the reader in their
assessment of how District resources are acquired and used, to determine whether current resources were sufficient to meet
current costs, and to determine whether the ability to provide educational services improved or deteriorated from the previous
year. With the inclusion of the Net Pension Liability (NPL), stakeholders are provided additional information regarding the
unfunded liability status of Colorado PERA. Though this NPL is not the responsibility of the District, it does provide
information to the Colorado State Legislature and the governmental leadership of and around the District assisting them in
future decisions regarding the funding of the School Division Trust Fund associated with PERA.
The statement of net position presents information on all of the assets, liabilities, deferred inflows, and deferred outflows of
resources of the District. The difference between District assets and deferred outflows from District liabilities and deferred
inflows represents the net position of the District. Over time, assessing the trajectory and order of magnitude of increases or
decreases in net position may serve as a useful indicator of whether the financial position of the District is improving or
deteriorating. Though the net position of the District is negative, this occurrence is only due to the posting of the District
proportionate share of the PERA unfunded liability. Again, the District does not have any control over the funding level of the
PERA School Division Trust Fund (SCHDTF) nor any control over the investment policies and activities associated with this
Trust.
The statement of activities presents information showing how the District net position changed during the most recent fiscal
year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the
timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in
cash flows in future fiscal periods (e.g., uncollected taxes and earned but unused vacation or sick leave). The governmental
financial statements distinguish functions of the District that are principally supported by taxes from other functions intended to
recover all or a significant portion of their costs through user fees and charges. The governmental activities of the District
include instruction and education support services of the District as well as payments to component units.
The government-wide financial statements are comprised of the activities of the District’s “neighborhood” schools (collectively
known herein as the primary government) and also seventeen (17) schools authorized under charter school contracts approved
by the Douglas County School District Board of Education. Financial information for the charter schools is detailed as
component units; accordingly, each is reported separately from the financial information of the primary government. Summaries
of these component unit financial statements are presented from pages 138-145. All charter school audits are performed
independent of each other and the District. There are two charter schools operating in Douglas County that do not have charter
contracts with Douglas County Board of Education. Instead, the charter schools, Colorado Early Colleges Parker and Ascent
Classical Academy, have charter contracts with the Colorado Charter School Institute. The financial audit information for these
charter schools is not included within the Douglas County District as their School Finance Act revenues are received directly
from the State of Colorado and not via a pass-through from DCSD.
26
Overview of the Financial Statements (Continued)
Government-wide Financial Statements (Continued)
The government-wide financial statements are located on pages 39-41 of this report.
Fund Financial Statements
A fund is a grouping of related accounts used to maintain control over resources segregated for specific activities or objectives.
The District, like other local governments, uses fund accounting to ensure and demonstrate compliance with finance-related
legal requirements. All of the funds of the District can be divided into three categories: governmental funds, proprietary funds,
and custodial funds.
Governmental Funds
Governmental fund financial statements are a subset of the government-wide financial statements. Unlike the government-wide
financial statements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources as
well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating
the District’s near-term financing requirements.
Because the focus of governmental fund financial statements is narrower than that of the government-wide financial statements,
it is useful to compare the information presented for governmental funds with similar information presented for governmental
activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the
District’s near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of
revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison between
governmental funds and governmental activities.
The District maintains ten individual governmental funds. Information is presented separately in the governmental fund balance
sheet and in the governmental fund statement of revenues, expenditures, and changes in fund balances for the Combined
General Fund, the Governmental Designated Purpose Grant Fund, the Bond Redemption Fund, and the Building Fund, as all are
considered major funds. Data from the other six governmental funds; the Nutrition Services National School Lunch Program
(NSLP) Fund, the Nutrition Services Non-NSLP Fund, the Athletics and Activities Fund, the Pupil Activity Fund, the Child
Care Fund and the COP Lease Payment Fund are combined into a single, aggregated presentation. Individual fund data for each
of these non-major governmental funds is also provided in the form of combining statements in the Supplemental Financial
Statement section of this report.
The District adopts an annual appropriated budget for its Combined General Fund as well as all the other funds. On page 86, a
budgetary comparison schedule is provided for the Combined General Fund to demonstrate compliance with the annually
appropriated budget
.
Proprietary Funds
The District maintains only one type of proprietary fund, an Internal Service Fund. Internal Service Funds are used to
accumulate and allocate costs internally among the District’s various functions. The District uses two Internal Service Funds,
the Medical Fund and the Short Term Disability Insurance Fund (STDI). The Medical Fund accounts for its self-insured and
fully-insured medical programs as well as dental and vision insurance, and the STDI Fund accounts for short term disability
claims and insurance activity.
The Medical Fund and the STDI Fund are governmental fund activities and are included in the government-wide financial
statements within governmental activities. They are not included in the governmental funds on pages 42 and 44 but are included
in the proprietary fund financial statements as internal service funds. Individual fund data for the Medical Fund and the STDI
Fund are provided in separate detail on pages 130-134.
Custodial Funds
Custodial Funds are used to account for resources held for the benefit of parties outside the government. The District is
responsible for ensuring the assets reported in the Private Purpose Trust Scholarship, Fund 75, is only used for approved
scholarships at verified educational institutions. Custodial funds are not reflected in the government-wide financial statements
because the resources of custodial funds are not available to support the District’s own programs. The accounting used for
custodial funds is much like that used for proprietary funds.
Notes to the Financial Statements
The notes provide additional information essential to a full understanding of the data provided in the government-wide and fund
financial statements. This additional
Note
detail can be found on pages 51-84.
27
Government-wide Financial Analysis
Net Position
The following table provides a summary of the Governmental net position as of June 30, 2022. Comparative data for June 30,
2021, is also presented. This financial statement reports that liabilities plus deferred inflows of resources exceeded assets plus
deferred outflow of resources by $195,172,085. This negative net position is solely due to the adoption of GASB Statement No.
68. Note that in comparison to the fiscal year 2021 data
,
the District net position increased by $312,996,060. This increase,
however, was mostly due to the pension income of $263,451,759. In the current fiscal year, the State reinstated its $225 million
nonemployer contribution to PERA that was suspended in the 2020-2021 fiscal year. In addition to the State nonemployer
contribution, PERA had a positive year of investment returns led by a strong global equity market among other positive yearly
returns resulting in a time-weighted return of 16.1 percent net-of-fees. Secondly, the contribution rates for employees increased
during the fiscal year. The employer rate remained at 10.90% and the employee rate increased from 10.00% to 10.50% (see page
70 for a full rate breakout).
Note from the table above that the largest portion of the District assets, about 68 percent, reflects investment in capital assets
less accumulated depreciation. The largest portion of current assets, predominately cash on hand and restricted cash and
investments, is reported in the Combined General Fund and Bond Redemption Fund, with about $47 million remaining in the
Building Fund resulting from the sale of the 2018 bond. These funds will be spent over the next two years for capital needs. The
Combined General Fund cash balances are held for TABOR and Board of Education required reserves as well as the carryover
balances for schools. Smaller cash balances are reported in the non-major governmental funds. Note that the cash balance in the
Bond Redemption Fund is available to make the December 1, 2022 debt service payment. Property tax revenues for each fiscal
year are largely received in the second semester of the school year between March and June though tax receipts continue
through December 31 of the following fiscal year.
Statement of Activities
Note in the Condensed Statement of Activities that governmental activity total revenues increased by $80,922,701 over fiscal
year 2021.
Charges for services were up by over $19.8 million as full programing resumes, and COVID-19 restrictions were
lifted that had previously either significantly reduced programming or suspended student activities.
Finally, PPR increased by
$816 associated with the School Finance Act along with a slight increase in funded pupil count.
Note that the increased pupil
count is due to increases in charter schools, and the District neighborhood schools actually decreased in pupil count year over
year.
While the 2018 bond proceeds were
invested in a relatively strong market during the 2019-2020 school year, those investments
continue to mature and be spent on capital projected as planned in accordance with a construction schedule.
2021-2022
2020-2021
370,472,594
$
434,673,501
$
802,963,262
751,514,783
Total assets
1,173,435,856
1,186,188,284
159,267,962
270,398,184
108,524,866
117,727,785
1,071,449,946
1,429,918,896
Total liabilities
1,179,974,812
1,547,646,681
347,901,091
417,107,932
423,650,011
372,855,713
TABOR Emergency
17,561,600
15,865,400
Debt Service
59,516,441
68,955,900
Nutrition Services
9,483,172
4,324,657
Other Grants & Programs
1,730,576
15,072,878
(707,113,885)
(985,242,693)
Total net position
(195,172,085)
$
(508,168,145)
$
Current and other assets
Unrestricted
Capital assets
Current liabilities
Long-term liabilities outstanding
Net position:
Restricted for:
Net investment in capital assets
Deferred outflows of resources
Deferred inflows of resources
28
Government-wide Financial Analysis (Continued)
Statement of Activities (Continued)
The total expenses increased by $76,539,443 from the fiscal year 2021 due to returning to full programming and return to in
person learning as well as recovery of some administrative staffing previously cut in response to state budget cuts. Finally, the
District recorded a reduction in expenses of $263 million related to pension income.
Condensed Statement of Activities for
Fiscal Years Ended June 30, 2022 and 2021
2021-2022
2020-2021
47,834,362
$
27,990,710
$
100,467,777
93,326,049
355,363,007
322,974,647
31,147,922
31,547,273
321,796,077
294,169,769
320,048
702,384
6,294,825
3,935,292
4,111,478
11,766,671
Total revenues
867,335,496
786,412,795
181,432,023
152,779,508
192,394,856
165,281,130
160,011,621
137,809,602
20,500,936
21,929,753
Total expenses
554,339,436
477,799,993
312,996,060
308,612,802
(508,168,145)
(816,780,947)
(195,172,085)
$
(508,168,145)
$
Governmental Activities
Revenues:
Program revenues:
Charges for services
Payments to component units
Interest on long-term debt
Specific ownership taxes
Expenses:
Instructional
Supporting services
Interest earnings
NET POSITION, Ending
Change in net position
Operating/capital grants
General revenues:
Property taxes
State equalization
Other
NET POSITION, Beginning
Grant contributions not specific to programs
29
Government-wide Financial Analysis (Continued)
As noted earlier, the District uses fund accounting to demonstrate and ensure compliance with finance-related legal
requirements. In addition, fund accounting is used to report on the financial position of the District to maintain transparency and
provide accountability.
Governmental Fund Financial Analysis
Revenues and Other Financing Sources
The District receives its revenues from local property taxes, intergovernmental sources through the state and federal
government, charges for services rendered, returns on investment, issuance of bonds, COPs or leases, and several other minor
sources. The table below is a comparative summary of the distribution of these revenues and sources for fiscal year 2022 and
fiscal year 2021. The accompanying chart graphically shows the proportion of revenues from all the sources for fiscal year
2022. The largest revenue source for the District is received from state and federal intergovernmental sources at $422,263,854,
an increase of 8.9 percent from the prior year. The increase is due to an increase in per pupil revenue (PPR) of $816 per student
as well as additional state funds offered during the year specified to for at-risk kids, to help fund before and after school
programs as well as increased NSLP fund to feed all students during the year.
Property taxes represent the next significant source of revenue. The property tax revenue increase is due to an increase in
assessed value and school finance act mills.
The District charges its charter schools and its District students various fees. Recognize here that these charges include athletic
and activity charges, childcare tuition as well as lunch charges in Nutrition Services. Charges for services increased 70.8
percent, due to program and funding beginning to return to pre-COVID levels.
These recoveries include return to in-person
learning and overall increase in student activity in all tuition, fees and school based revenue programs as well as Nutrition
Services.
The table on the next page and the accompanying chart show the same total revenue, but reports these revenues by fund. Note
that the majority of these revenues are accounted for in the Combined General Fund. Governmental Designated Purpose Grants
Fund decreased by 33.8 percent due to the prior year recognition of one-time revenues from COVID-19
related grants. The Non
-major Governmental Fund is the third largest reported revenues. These revenues, increased by 62.8 percent as programs climb
back to pre-COVID programing levels.
Taxes
387,306,870
$
44.3%
355,728,486
$
45.2%
Intergovernmental Sources
422,263,854
48.3%
387,495,818
49.2%
Charges for Services
47,834,362
5.5%
27,990,710
3.6%
Investment Earnings Loss
307,108
0.0%
687,066
0.1%
Other
16,790,910
1.9%
15,106,146
1.9%
Total
874,503,104
$
100%
787,008,226
$
100%
2020-2021
2021-2022
30
Governmental Fund Financial Analysis (Continued)
Revenues and Other Financing Sources (Continued)
Expenditures by Fund
Recall that the District uses fund accounting to demonstrate and ensure compliance with finance-related legal requirements.
Fund accounting may also enhance transparency and accountability. In this analysis, Governmental Fund expenditures increased
by $84,057,205. The increase is primarily due to the District returning to pre-COVID-19 levels of operations and beginning to
build back some of the previously laid off administrative positions.
The District also accrued for about $10 million in retention
bonuses implemented due to continued staffing shortages across most positions.
Non-Major Governmental funds also increased
by $17 million as athletics, activities, and before and after school care programs all return back to almost pre-COVID-19
programming levels.
Additionally Nutrition Services NSLP fund increased by $10 million as all student continue to be fed for
one last year under the Federal Program and food costs continue to increase.
The Bond Redemption fund payments increase as
the District paid off the 2010 bond early due to excess fund balance.
Some of these increases are offset by the Governmental
Designated Purpose Grants fund decrease of $14 million as the District spent a majority of its COVID-19 related grant funding
during the 2020-2021 school year.
Finally the Building fund decreased by $33 million as the District continues to spend down
the planned capital outlay in accordance with the issuance of the 2018 bond.
Inc/(Dec)
Combined General
726,128,530
$
83.0%
650,703,967
$
82.7%
75,424,563
$
Governmental Designated Purpose Grant Fund
27,601,038
3.2%
41,698,653
5.3%
(14,097,615)
Bond Redemption
65,722,003
7.5%
60,136,372
7.6%
5,585,631
Building
(351,295)
0.0%
446,925
0.1%
(798,220)
Non-major Governmental
55,402,828
6.3%
34,022,309
4.3%
21,380,519
Tota
l
874,503,10
4
$
100%
787,008,226
$
100%
87,494,878
$
2021-2022
2020-2021
Inc/(Dec)
Combined General
702,584,504
$
75.5%
606,232,689
$
71.7%
96,351,815
$
Governmental Designated Purpose Grants
27,601,038
3.0%
41,698,653
4.9%
(14,097,615)
Bond Redemption
74,054,849
8.0%
55,936,081
6.6%
18,118,768
Building
68,974,636
7.4%
102,342,927
12.1%
(33,368,291)
Non-major Governmental
56,397,494
6.1%
39,344,966
4.7%
17,052,528
Tota
l
929,612,521
$
100%
845,555,316
$
100%
84,057,205
$
2021-2022
2020-2021
31
Governmental Fund Financial Analysis (Continued)
Expenditures by Fund (Continued)
Ending Fund Balances
As of the end of the current fiscal year, the District governmental funds reported combined ending fund balances of
$288,830,466, a decrease of $67,321,983 from the prior year. This decrease is primarily due to the capital projects from the 2018
bond proceeds. The Combined General Fund increase of over $13 million is due to staff vacancy savings as well as schools still
not spending down carryover balances from prior years as they struggle to fill positions and return programs all the way back to
normal levels.
Inc/(Dec)
Combined General
168,573,544
$
58.4%
154,878,689
$
43.5%
13,694,855
$
Governmental Designated Purpose Grant Fund
-
0.0%
-
0.0%
-
Bond Redemption
63,480,642
22.0%
71,813,488
20.2%
(8,332,846)
Building
40,624,932
14.1%
109,950,863
30.9%
(69,325,931)
Non-major Governmental
16,151,348
5.6%
19,509,409
5.5%
(3,358,061)
Tota
l
288,830,466
$
100%
356,152,449
$
100%
(67,321,983)
$
2021-2022
2020-2021
32
Combined General Fund Budgetary Highlights
The District approves a budget in June based on enrollment projections for the following school year and State legislative
action in the spring. Please reference the Budgetary Comparison Schedule on page 86. Note that the amended expenditure
budget shows an increase over the Adopted Budget of approximately $56 million. In Colorado, districts are funded on current
year student counts. The student count day is on or around October 1 of each fiscal year. Once these student counts are known,
the Colorado Department of Education recalculates the funding for each district. In addition, the fiscal year for school districts
is July 1 through June 30, but the mill levy or tax rates are not set for the current year until December. The District budget is
amended to account for both the changes in student counts from projection as well as changes in assessed value and the
resulting tax rate set in December. Finally, the amount of carryover available for each school is not finalized until September
once the sixty-day encumbrance period associated with the payment of invoices has expired. The budget is amended to account
for the carryover amounts awarded to each school, changes in projections in funded pupil counts combined with the changes in
Per Pupil Revenue as well as changes in other intergovernmental revenue sources generated additional sources of revenue since
original adoption.
After the District’s financial plan is adopted in June of the prior year, budgets may be amended by the Board of Education or
management. Once the budget is approved, individual sites may amend between individual expense items at any time as long as
the total expenditures do not change. Total expenditures were amended by management and approved by the Board to align
expenditures for changes in revenues as described above, as well as allocating funds for projects specifically identified in the
Facility Acquisition and Construction category.
Note that the District expenditures were under budget in the Combined General Fund by $81,941,099. Salaries and benefits
were under budget by almost $22.5 million due to many vacant positions. The most significant vacancies were in Special
Education support staff, operations and maintenance staff and dozens of bus driver positions. Supplies were under budget by
over $45 million due to school carryover that actually increased slightly for fiscal year 2021-2022. The District schools
continue to carefully monitor and review expenditures. This results in schools carrying over discretionary dollars in an amount
of about $24.7 million, increasing school carryover by $1.3 million. Property and equipment expenditures were under due to
scheduled capital projects that were not fully complete as of June 30, 2022.
Finally, in Colorado, State law requires that funds
be fully appropriated before any spend is authorized. Because of the site-based decision model regarding the budgeting and
spending of school discretionary dollars, as well as the sixty-day encumbrance period, final school spend is not known until the
end of August; therefore the District fully appropriates and budgets all available funds ensuring that its schools have the
authority to spend their discretionary dollars.
Actual revenues were under budgeted by $5.5 million. The overall variance is small, and most of the variance is noted within
the Other category.
In the Capital Projects fund other category, the District budgeted for $6 million in
federal ERate
reimbursement for IT infrastructure projects was not received in the current fiscal year, but is expected in the 2022-2023 fiscal
year.
Capital Asset and Debt Administration
Capital Assets
The District investment in capital assets for governmental activities as of June 30, 2022, equaled $802,963,262 an increase of
$51,448,479 (net of accumulated depreciation) due to planned 2018 Bond projects in current year offset by $36,381,739 in
depreciation expense. This investment in capital assets is in line with the improvement promises made to voters during the 2018
election such as security upgrades, facility repairs, classroom furnishings, buses and technology.
Additional information on the
District’s capital assets is provided in Note 5 on pages 61-62.
2022
2021
Capital Assets:
Land
$
13,310,241
$
13,310,241
Buildings and Improvements
1,028,103,581
995,246,483
Buildings - Lease Assets
20,775,720
-
Land Improvements
11,430,580
8,435,621
Machinery and Equipment
105,141,620
114,072,228
Construction in Progress
131,792,429
107,732,299
Accumulated Depreciation
(507,590,909)
(487,282,089)
Total Net Capital Assets
$
802,963,262
$
751,514,783
Governmental
Activities
33
Capital Asset and Debt Administration (Continued)
Long-Term Debt
As of June 30, 2022, the District had outstanding debt exclusive of NPL and OPEB of $431,935,448, a decrease of $72,133,570
from the prior year. The District continues to pay off G.O. bonds and COPs. Of the outstanding long-term debt, $364,225,000 is
G.O. bonded debt that is backed by the full faith and credit of the District taxpayers. Please also note the $8,680,000 in
outstanding COPs. The District’s COP policy requires that yearly lease payment liabilities be no more than one percent of
yearly general fund revenues. In reviewing the
Notes on page 63,
we report that our maximum yearly COP lease payments will
be $800,000, an amount well below one percent of approximately $714.6 million ($7,146,955) in General Fund revenues
received in fiscal year 2022.
In addition, the District is required to report its portion of the PERA SCHTF Net Pension Liability (NPL) and PERA OPEB
through the Health Care Trust Fund. This proportionate NPL is reported as $636,750,686, about 32 percent lower than the prior
year. OPEB liability is reported as $30,807,156, about 9 percent lower than the prior year.
The $8,680,000 of outstanding COPs are collateralized by specific buildings owned by the District. These COP lease payment
obligations are subject to annual appropriation and are distinctly different from G.O. bonds. The issuance of G.O. bonds can
only be completed upon voter approval associated with a dollar amount authorization. The aggregate yearly appropriation to
Fund 39, the COP Lease Payment Fund, is just over $2.7
million from the General Fund. See the Notes on page 64.
Aspen View Academy was the first charter school to partner with the District as specified in the Board COP policy. In April
2021, Aspen View Academy refinanced the COP debt held by the District.
Those funds were received during the 2021 fiscal
year, but were not deposited in an irrevocable trust until the next fiscal year due to timing of the transaction. As a result, these
COPs are defeased and the liability for those certificates were removed from the government-wide statement of net position in
the current fiscal year.
The District maintains a credit rating with Moody’s Investors Service Inc. at Aa2.
Moody’s published their new US K-12
School District rating methodology during the 2021 fiscal year.
As part of their new rating methodology, Moody’s now assigns
an issuer credit rating to school districts as well as an unlimited general obligation bond rating which will typically be one notch
higher than the issuer’s underlying credit rating. As a result of this change, the District’s G.O. Bonds are still rated at Aa1, but
the overall district is one notch lower as anticipated. Additional information on the District’s long-term debt is provided in Note
7 starting on page 63.
At this time, identified capital projects are carefully prioritized to determine those with the greatest need or safety concern so
that remaining capital project dollars are used in the most effective way possible. The District and the Long Range Planning
Committee (LRPC) continue to assess the status of facilities to determine additional facility and technological needs based on
student growth, and to update the Master Capital Plan with this information. As of June 30, 2022, the District has $40,624,932
in proceeds remaining from the 2018 bond issuance.
Other Obligations of the District
The District maintains leases that, similar to COPs, require an annual appropriation and one lease is collateralized by the
equipment received and installed. These annual lease payments are budgeted and accounted for in the General
Fund.
June 30, 2022
June 30, 2021
General Obligation Bonds
$
364,225,000
33.1%
$
419,585,000
28.5%
Certificates of Participation
8,680,000
0.8%
22,385,000
1.5%
Accreted Interest
3,403,454
0.3%
2,379,722
0.2%
Bond Premiums
40,482,635
3.7%
50,892,604
3.5%
Extended Service Separation
77,054
0.0%
95,803
0.0%
Leases
9,869,424
0.9%
3,623,865
0.2%
Compensated Absences
5,197,881
0.5%
5,107,024
0.3%
Total before NPL
431,935,448
504,069,018
OPEB Liability
30,807,156
2.8%
34,048,351
2.3%
Net Pension Liability
636,750,686
57.9%
936,328,834
63.5%
Total
$
1,099,493,290
100%
$
1,474,446,203
100%
Governmental Activities
34
Fund Balance Policy
Both the extent and the quality of educational services affect and are affected by the financial condition of the District. The
District provides its best estimate of the end-of-year fund balances to be carried forward to the ensuing year as a beginning fund
balance. At a minimum, the budget adopted by the District shall ensure that restricted General Fund or cash emergency reserves
are held in the amount required under the provisions of the Colorado State Constitution. The Board of Education, by policy,
mandates an additional reserve of three percent to further enhance the sustainability of the District financial position. This
additional Board reserve is committed in the fund balance pursuant to GASB Statement No. 54,
Fund Balance Reporting and
Governmental Fund Type Definitions
. The District maintains an ongoing three-year projection for significant operating funds.
The District continues to maintain a healthy fund balance. Our schools and departments regularly scrutinize their spend and have
contributed greatly to the maintenance of this fund balance associated with the Board policy allowing school budget holders to
carry unspent discretionary dollars into the new year. Compliance with and level of reserves and contingencies associated with
Board policy shall be examined every year as part of the budget development process to determine if modifications are prudent in
view of uncertainties in current and future revenues and expenses.
TABOR and Board of Education Reserves
The financial statements report that the State of Colorado requires each school district to reserve 3 percent of cash or more of
fiscal year spending to use only for declared emergencies. As mentioned above, in addition to the required TABOR Reserve, the
Board of Education, by policy, requires an additional 3 percent of yearly spend held in reserve providing financial stability and
available resources to fund any unexpected emergency. On
page 39, of
the financial statements report the District meets the
TABOR and additional Board of Education reserve policy by reporting restricted and committed fund balances of $17,561,600
and $17,561,600, respectively. The District did not include the State nonemployer contribution to PERA in the TABOR
calculation since it is not the District’s spend. A contingency budget line of $6,128,840 equivalent to one percent, is budgeted and
appropriated each year, also specified in Board policy.
Economic Factors and Subsequent Events
State of Colorado Economy -
From the September 2022 Revenue Forecast from the Office of State Planning and Budgeting, the
preliminary numbers for 2021-2022 shows historical growth in revenue projections by 23.7 percent from the 2020-2021 levels
triggering TABOR refunds during the 2022-2023 fiscal year.
General Fund projections for 2022-2023 fiscal year are expected to
modestly surpass the previous year but still fail to keep pace with inflation.
The aggressive monetary policy response to
inflation
and a faltering global economy poses significant risks to the economic outlook, elevating the risk of recession during the
forecasted period.
The U.S. and Colorado economies continue to grow, but inflation has taken its toll.
Rapid increases in cost of energy and
housing to food and vehicles have eroded real gains in earnings and income.
The pressures of recession have prompted the
Federal Reserve to raise interest rates and reduce asset purchases which has further influenced business activity and
construction.
However, the labor market is strong, with low unemployment rate and employment reaching or exceeding
pre-pandemic levels in most sectors.
Although the tight monetary policy is expected to cool labor demand, it is still anticipated
that with near-record levels of job openings, there is room to rein in inflationary pressures without decreasing employments
levels.
U.S. nonfarm employment is expected to increase by 3.6 percent in 2022 and 2.5 percent in 2023. The U.S. unemployment
rate is expected to decline from 5.4 percent in 2021 to 3.6 percent in 2022 and to fall below pre-pandemic rates, averaging
3.4 percent in 2023.
Nonfarm employment in Colorado is expected to outpace national trends, growing 4.0 percent in 2022 before
slowing to
2.0 percent in 2023.
The Colorado unemployment rate is expected to decline from 5.4 percent in 2021 to 3.4 percent in
2022 before falling further to 3.1 percent in 2023.
Colorado’s employment rate has recovered and exceeded pre-pandemic levels.
The state regained 429,900 jobs since losing
375,500 between February and April 2020, a recovery rate of 114.8 percent compared to the national average of 101.1 percent.
Colorado’s
unemployment rate for August ticked up to 3.4 percent, just below the national average of 3.7 percent.
This leaves
Colorado’s unemployment rate at the 24
th
lowest among the 50 states
Revenue to the State Education Fund is expected to increase by $514 million, although the estimated funded pupil count is
expected to decrease by 20,511 pupils on a year-over-year basis, inflation expectations for 2022 have increased to 8.2 percent. The
local share is expected to
increase by up to $317 million due to assessed value increases.
The State School Finance Act, which
has not been fully funded since fiscal year 2008-2009, has a Budget Stabilization Factor - formerly the “Negative Factor” -
of approximately $503 million translating to approximately $35.9 million for DCSD. This is a significant buy-down of the Budget
Stabilization factor over prior years.
Pursuant to the Colorado School Finance Act for fiscal year 2022, the District PPR (per pupil
revenue) without the Budget Stabilization factor, would have been $9,212/student, about $546 more than the actual PPR of
$8,666.
Douglas County Economy -
The County population decreased slightly to 373,275 residents in 2021. This is the first decrease in the
ten-year history captured by this report.
This decrease of 5,725 residents represents a reduction rate of approximately 1.5 percent.
The unemployment rate in Douglas County remains lower than state and national unemployment rates. As of March 2022,
35
Economic Factors and Subsequent Events (Continued)
Douglas County’s unemployment rates fell to 2.9 percent, significantly lower than 4.9 recorded in March 2021.
Comparatively,
Colorado’s unemployment fell to 3.5 percent, again significantly lower than the 6.4 percent a year ago and the U.S. unemploy-
ment rate fell to 4.1 percent compared to 6.5 percent over the year. The labor force in Douglas County rose 3.9 percent over the
year, an increase of 7,807 people working or looking for a job.
District Enrollment -
In recent years, Douglas County has experienced declining enrollment. COVID-19 has further impacted
the decline as parents are making different educational choices for their families. As of October 2022 (fiscal year 2023), the
District reported to CDE a decrease of 1,004 students over prior year enrollment.
Fiscal Year 2023 School Finance Act Approved Increases and New District-wide Allocations -
In July 2022, the District adopted
a budget that includes an increase in per pupil revenue of $525/student from $8,666 to $9,192. Overall, this increase to Per Pupil
Revenue combined with an estimated Funded Pupil Count of 186 additional funded pupils, equates to an overall increase to
Total Program of $38.8 million year-over-year.
However, district-run school enrollment is declining year-over-year and the
amount of new revenue projected to be retained by DCSD and not passed onto charter schools is $20.3 million.
The District was fortunate to be a recipient of federal stimulus dollars from the Elementary and Secondary School Emergency
Relief (ESSER) Fund for COVID-19 relief. ESSER was allocated to DCSD based on Title I funding methodologies in three
different phases of ESSER I, II, and III. Portions of these funds were passed through to charter schools. ESSER I was expended
during the 2020-2021 school year. The budgeted totals for the district-managed portions of ESSER II and III total $13.9 million
and were be used for eLearning, summer school, unfinished learning programs as well as support staff, goods, and services.
All
ESSER funds are expected to be spent in fiscal year 2022-2023.
With the positive additions to 2022-2023 funding, the District aims to strategically reinvest within schools and departments. The
most significant investments are for the employees to further the strategic themes of Positive and Supportive Culture as well as
Recruitment, Retention and Development of High Quality Employees.
For licensed employees, three salary schedules were
developed, General, Hard to Hire and Specialist/Extremely Hard to Hire.
Using these schedules, these licensed employees were
placed in their designated cell based on education and years of experience.
This resulted in average increases of 8% for this
employee group.
In addition, non-licensed employees (administrators, professional/technical and classified), staff were
evaluated in relation to their relevant markets.
Those adjustments resulted in an average increase of about 7%.
The cost of these
compensation changes is about $36 million.
In addition to compensation changes noted above, the District is continuing to refine the Site-Based Budget (SBB) weighted
student funding methodology for neighborhood schools and maintain school purchasing power.
These changes included
additional funding for our small schools, increases to all site based budgets, investments in alternative education programming
and using grant funding for additional mental health support.
The District is also continuing to invest in our support systems and
aligning those department budgets with priorities of the DCSD Strategic Plans.
Those increases focus on investing in special
education support, investing in alternative education and career and technical education programs that occupy the new VALE
and Legacy Campuses, as well as investing in extra activity pay to provide opportunities for students in athletics, activities,
music and performing arts.
Colorado Governor’s Budget Request for Fiscal Year 2024
- Based on the November 2022 Budget Request, Governor Jared
Polis submitted his fiscal year 2024 budget request to the Joint Budget Committee. The request increases funding for K-12
education by $704 million in fiscal year 2023-2024. This includes a $35 million reduction in the Budget Stabilization (BS)
Factor to keep it at 3 percent of what is spent on K-12 Education.
This budget request calls for an average per pupil revenue
increase of about $861/student.
Also included in his request is $325 million in Universal Pre-K funding which is an increase of
$10 million as well as an additional $29 million to special education services.
The Governor’s budget request must be considered and approved by the legislature.
Component Units
Only summary information regarding component units appears in the District’s financial statements. The District has seventeen
component units, all of which are charter schools. Each charter school is represented in the Component Unit section of this
Annual Comprehensive Financial Report and is presented in aggregate in a separate column in the Government-wide Statement
of Net Position and in the Statement of Activities.
After a yearly review of the Foundation for Douglas County Schools financial activities, the District business administration has
determined that its financial activities, due to the level of materiality and the independence of their activity in relation to the
District, shall not be considered a component unit of the District. The financial activity of the Foundation is not included in this
report.
Requests for Information
This financial report is designed to provide a general overview of the District’s finances for all those with an interest in
the financial status of the District. Questions concerning any of the information provided in this report or requests for additional
financial information may be addressed to the Interim Chief Financial Officer, Ms. Jana Schleusner, 701 Prairie Hawk Drive,
Castle Rock, Colorado 80109.
36
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37
BASIC
FINANCIAL
STATEMENTS
38
THIS PAGE INTENTIONALLY LEFT BLANK
39
See accompanying notes to the financial statements
Primary
Component
Government
Units
Governmental
Charter
Activities
Schools
ASSETS
Cash and Investments
233,242,078
$
74,302,961
$
Receivables:
Property Taxes, Net of Allowance for Uncollectible Taxes
12,881,251
-
Lease
1,035,453
-
Other
8,906,735
1,607,400
Inventories
2,590,010
9,975
Prepaid Costs and Other Assets
1,788,720
1,893,929
Restricted Cash and Investments
110,028,347
50,072,538
Capital Assets:
Non-Depreciable
145,102,670
36,206,583
Depreciable, Net
657,860,592
212,816,789
Total Assets
1,173,435,856
376,910,175
DEFERRED OUTFLOWS OF RESOURCES
Pension Related Amounts
152,560,173
41,449,206
OPEB Related Amounts
3,388,913
1,406,028
Deferred Amount on Refunding
3,318,876
4,512,292
Total Deferred Outflows of Resources
159,267,962
47,367,526
LIABILITIES
Accounts Payable
25,055,825
9,610,653
Accrued Compensation
41,263,725
4,841,141
Unearned Revenues
5,001,726
648,727
Accrued Insurance Claims
6,306,360
-
Accrued Interest Payable
1,115,810
3,446,225
Non-Current Liabilities:
Due within One Year
29,781,420
23,418,846
Due in More than One Year:
Accrued Insurance Claims
1,738,076
-
Lease Liability
8,502,503
-
Other Non-Current Liabilities
393,651,525
306,889,101
OPEB Liability
30,807,156
134,663,210
Net Pension Liability
636,750,686
6,515,020
Total Liabilities
1,179,974,812
490,032,923
DEFERRED INFLOWS OF RESOURCES
Leases
1,000,330
-
OPEB Related Amounts
13,160,787
71,766,191
Pension Related Amounts
333,739,974
4,078,614
Total Deferred Inflows of Resources
347,901,091
75,844,805
NET POSITION
Net Investment in Capital Assets
423,650,011
(51,298,917)
Restricted:
TABOR Emergency Reserve
17,561,600
5,286,335
Debt Service/Lease Obligation
59,516,441
34,626,877
Other Grants and Programs
1,730,576
-
Nutrition Services
9,483,172
-
Unrestricted (deficit)
(707,113,885)
(130,214,322)
Total Net Position
(195,172,085)
$
(141,600,027)
$
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
Statement of Net Position
June 30, 2022
40
See accompanying notes to the financial statements
Operating
Capital
Charges for
Grants and
Grants and
Functions/Programs
Expenses
Services
Contributions
Contributions
Primary Government:
Instructional
181,432,023
$
47,834,362
$
27,819,189
$
-
$
Supporting Services
192,394,856
-
72,648,588
-
Funding to Component Units -
Unallocated
160,011,621
-
-
-
Interest on Long-Term Debt
20,500,936
-
-
-
Total Governmental Activities
554,339,436
47,834,362
100,467,777
-
Component Units
Charter Schools
126,459,976
$
15,371,044
$
3,279,253
$
1,330,172
$
GENERAL REVENUES
Property Taxes
Specific Ownership Taxes
State Equalization
Investment Earnings
Grants and Contributions not specific to Programs
Cash in Lieu of Land
Other
Total General Revenues
Change in Net Position
NET POSITION, Beginning, as restated
NET POSITION, Ending
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
For the Fiscal Year Ended June 30, 2022
Statement of Activities
Program Revenues
41
Governmental
Component
Activities
Units
(105,778,472)
$
-
$
(119,746,268)
-
(160,011,621)
-
(20,500,936)
-
(406,037,297)
-
-
(106,489,164)
355,363,007
-
31,147,922
-
321,796,077
154,724,378
320,048
83,832
6,294,825
5,628,508
2,832,976
-
1,278,502
5,426,375
719,033,357
165,863,093
312,996,060
59,373,929
(508,168,145)
(200,973,956)
(195,172,085)
$
(141,600,027)
$
Changes in Net Position
Net (Expense) Revenue and
See accompanying notes to the financial statements
42
See accompanying notes to the financial statements
Governmental
Combined
Designated
Bond
Non-Major
Total
General
Purpose Grants
Redemption
Building
Governmental
Governmental
ASSETS
Cash and Investments
209,935,452
$
-
$
-
$
-
$
18,383,606
$
228,319,058
$
Receivables:
Property Taxes, Net of Allowance
for Uncollectible Taxes
11,089,389
-
1,791,862
-
-
12,881,251
Leases
1,035,453
-
-
-
-
1,035,453
Other
900,090
4,829,737
162,192
199,785
2,814,931
8,906,735
Due from Other Funds
2,439,714
-
-
-
-
2,439,714
Prepaid Costs
819,171
-
-
-
-
819,171
Inventories, at Cost
1,658,901
-
-
-
931,109
2,590,010
Restricted Cash and Investments
-
-
62,063,081
47,965,266
-
110,028,347
Total Assets
227,878,170
$
4,829,737
$
64,017,135
$
48,165,051
$
22,129,646
$
367,019,739
$
LIABILITIES
Due to Other Funds
89,445
$
2,350,269
$
-
$
-
$
-
$
2,439,714
$
Accounts Payable
15,693,486
688,486
-
7,540,119
933,398
24,855,489
Accrued Compensation
38,950,241
1,509,037
-
-
804,447
41,263,725
Unearned Revenues
479,328
281,945
-
-
4,240,453
5,001,726
Total Liabilities
55,212,500
4,829,737
-
7,540,119
5,978,298
73,560,654
DEFERRED INFLOWS OF RESOURCES
Leases
1,000,330
-
-
-
-
1,000,330
Unavailable Revenue - Property Taxes
3,091,796
-
536,493
-
-
3,628,289
Total Deferred Inflows of Resources
4,092,126
-
536,493
-
-
4,628,619
FUND BALANCES
Nonspendable:
Inventories & Prepaid Costs
2,478,072
-
-
-
-
2,478,072
Restricted:
TABOR Emergency Reserve
17,561,600
-
-
-
-
17,561,600
Restricted Fund Balance
1,730,576
-
63,480,642
40,624,932
9,483,172
115,319,322
Committed:
3% Board Reserves
17,561,600
-
-
-
-
17,561,600
Assigned:
Extended Service Severance
77,054
-
-
-
-
77,054
Facility Use Revenue Share
822,343
-
-
-
-
822,343
Cash in Lieu
8,332,365
-
-
-
-
8,332,365
2018 Mill Levy Override Carryover
7,522,347
-
-
-
-
7,522,347
Security and Mental Health Reserve
2,904,570
-
-
-
-
2,904,570
Master Capital Plan Projects
542,137
-
-
-
-
542,137
Literacy Curricular Materials Reserve
2,250,000
-
-
-
-
2,250,000
Staff Compensation Reserve
10,000,000
-
-
-
-
10,000,000
Multi-Year Lease Reserve
4,178,498
-
-
-
-
4,178,498
School Carryover
21,001,747
-
-
-
-
21,001,747
Sub-fund Carryover
3,293,850
-
-
-
6,668,176
9,962,026
Unassigned
68,316,785
-
-
-
-
68,316,785
Total Fund Balances
168,573,544
-
63,480,642
40,624,932
16,151,348
288,830,466
Total Liabilities, Deferred Inflows of
Resources and Fund Balances
227,878,170
$
4,829,737
$
64,017,135
$
48,165,051
$
22,129,646
$
367,019,739
$
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
Governmental Funds
Balance Sheet
June 30, 2022
43
See accompanying notes to the financial statements
Fund Balances of Governmental Funds
288,830,466
$
Amounts reported for governmental activities in the statement of net position are different because:
Capital assets used in governmental activities are not financial
resources and therefore are not reported in the funds.
802,963,262
Other long-term assets are not available to pay for current period
expenditures and therefore are reported as deferred inflows of resources in the funds.
3,628,289
Internal Service Funds are used by management to charge the costs of insurance
to individual funds.
The assets and liabilities of the Internal Service Funds
are included in governmental activities in the statement of net position.
1,127,833
Deferred inflows and outflows of resources that represent an acquisition or consumption
of net position that applies to future periods and therefore is not reported in the funds:
Deferred Amount on Refunding
3,318,876
Deferred Outflows of Resources, Pension-Related Amounts
152,560,173
Deferred Outflows of Resources, Other Post Employment Benefit-Related Amounts
3,388,913
Deferred Inflows of Resources, Pension-Related Amounts
(333,739,974)
Deferred Inflows of Resources, Other Post Employment Benefit-Related Amounts
(13,160,787)
(187,632,799)
Long-term liabilities, including long-term debt are not due
and payable in the current period and therefore are not reported in the funds:
General Obligation Bonds
(364,225,000)
Certificates of Participation
(8,680,000)
Accreted Interest
(3,403,454)
Bond Premiums
(40,482,635)
Accrued Interest Payable
(1,115,810)
Net Pension Liability
(636,750,686)
Other Post Employment Benefit Liability
(30,807,156)
Accrued Insurance Claims Payable
(3,480,036)
Leases
(9,869,424)
Extended Service Severance
(77,054)
Compensated Absences
(5,197,881)
(1,104,089,136)
Net Position (deficit) of Governmental Activities
(195,172,085)
$
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
Reconciliation of the Governmental Funds Balance Sheet
to the Government-wide Statement of Net Position
June 30, 2022
44
See accompanying notes to the financial statements
Governmental
Combined
Designated
Bond
Non-Major
Total
General
Purpose Grants
Redemption
Building
Governmental
Governmental
REVENUES
Property Taxes
290,661,411
$
-
$
65,497,537
$
-
$
-
$
356,158,948
$
Specific Ownership Tax
31,147,922
-
-
-
-
31,147,922
Intergovernmental
367,186,634
27,258,031
-
-
27,819,189
422,263,854
Charges for Services
23,216,916
-
-
-
24,617,446
47,834,362
Fundraisers and Donations
3,507,808
-
-
-
2,787,017
6,294,825
Investment Earnings (Loss)
433,937
-
224,466
(351,295)
-
307,108
Other
9,973,902
343,007
-
-
179,176
10,496,085
Total Revenues
726,128,530
27,601,038
65,722,003
(351,295)
55,402,828
874,503,104
EXPENDITURES
Current:
Instructional
336,561,522
17,967,295
-
-
23,704,370
378,233,187
Supporting Services
204,369,801
9,633,743
-
-
30,053,156
244,056,700
Funding to Component Units
160,011,621
-
-
-
-
160,011,621
Capital Outlay
-
-
-
68,974,636
-
68,974,636
Debt Service/Lease Payments:
Principal
1,357,013
-
55,360,000
-
2,080,000
58,797,013
Interest and Fiscal Charges
284,547
-
18,694,849
-
559,968
19,539,364
Total Expenditures
702,584,504
27,601,038
74,054,849
68,974,636
56,397,494
929,612,521
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
23,544,026
-
(8,332,846)
(69,325,931)
(994,666)
(55,109,417)
OTHER FINANCING SOURCES (USES)
Payment to Refunding Escrow Agent
-
-
-
-
(12,218,034)
(12,218,034)
Proceeds from Sale of Capital Assets
-
-
-
-
5,468
5,468
Transfers In
-
-
-
-
9,849,171
9,849,171
Transfers Out
(9,849,171)
-
-
-
-
(9,849,171)
Total Other Financing Sources (Uses)
(9,849,171)
-
-
-
(2,363,395)
(12,212,566)
NET CHANGES IN FUND BALANCES
13,694,855
-
(8,332,846)
(69,325,931)
(3,358,061)
(67,321,983)
FUND BALANCES, Beginning
154,878,689
-
71,813,488
109,950,863
19,509,409
356,152,449
FUND BALANCES, Ending
168,573,544
$
-
$
63,480,642
$
40,624,932
$
16,151,348
$
288,830,466
$
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
Governmental Funds
For the Fiscal Year Ended June 30, 2022
Statement of Revenues, Expenditures and Changes in Fund Balances
45
See accompanying notes to the financial statements
Net change in fund balances of governmental funds
(67,321,983)
$
Amounts reported for governmental activities in the statement of activities are different because:
Capital outlays are reported in governmental funds as expenditures. However, in the
statement of activities, the cost of those assets is allocated over their estimated useful
lives as depreciation expense. This is the amount by which net capital outlays exceeded
loss on disposal of capital assets and depreciation.
Capital Outlay
81,585,229
Depreciation
(36,381,739)
Net Book Value of Disposed Assets
(1,357,583)
43,845,907
Some property taxes will not be collected for several months after the District's fiscal
year ends, they are not considered as "available" revenues in the governmental funds. This
amount represents the change in unavailable property tax revenue.
(795,941)
The issuance of long-term debt (e.g. bonds, leases) provides current financial resources to
governmental funds, while the repayment of the principal of long-term debt consumes
the current financial resources of governmental funds. Neither transaction, however,
has any effect on net position. Also, governmental funds report the effect of issuance
costs, premiums, discounts, and similar items when debt is first issued, whereas these
amounts are deferred and amortized in the statement of activities. This amount is the
net effect of these differences in the treatment of long-term debt and related items:
Principal Payments - General Obligation Bonds
55,360,000
Principal Lease Payments - Certificates of Participation
13,705,000
Change in Accreted Interest
(1,023,732)
Change in Accrued Interest
62,160
Principal Payments-Leases
1,357,013
Amortization of Bond Premium and Deferred Charges
5,040,057
74,500,498
In the statement of activities, certain operating expenses - compensated absences (sick
leave), pension benefits, special termination benefits (extended service severance) and
liability claims - are measured by the amounts earned during the year. In the governmental
funds, however, expenditures for these items are measured by the amount of financial
resources used or due (essentially, the amounts actually paid). This amount represents the
net effect of compensated absences, pension expense and claims payable on the statement
of activities:
Pension Income
263,451,759
Other Post Employment Benefit Income
3,814,445
Change in Compensated Absence
(90,857)
Change in Extended Service Severance
18,749
Liability Claims
(985,296)
266,208,800
Internal Service Funds are used by management to charge the cost of medical insurance
and short term disability to individual funds. The net revenue (expense) of the
Internal Service Funds are reported with governmental activities.
(3,441,221)
Change in net position of governmental activities
312,996,060
$
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
Reconciliation of the Statement of Revenues, Expenditures
and Changes in Fund Balances of Governmental Funds to the Statement of Activities
For the Fiscal Year Ended June 30, 2022
46
See accompanying notes to the financial statements
Governmental
Activities
Internal Service
Funds
ASSETS
Current Assets:
Cash and Investments
4,923,020
$
Prepaid Costs
969,549
Total Assets
5,892,569
$
LIABILITIES
Current Liabilities:
Accounts Payable
200,336
$
Accrued Insurance Claims
4,564,400
Total Liabilities
4,764,736
NET POSITION
Unrestricted
1,127,833
Total Net Position
1,127,833
Total Liabilities and Net Position
5,892,569
$
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
Proprietary Funds
Statement of Net Position
June 30, 2022
47
See accompanying notes to the financial statements
Governmental
Activities
Internal Service
Funds
OPERATING
REVENUES
Premium Revenue
51,294,306
$
Other
9,490
Total Operating Revenues
51,303,796
OPERATING
EXPENSES
Insurance and Claims
53,464,996
Salaries and Benefits
42,180
Purchased Services
1,221,965
Other
28,816
Total Operating Expenses
54,757,957
OPERATING LOSS
(3,454,161)
NON-OPERATING REVENUES
Investment Earnings
12,940
Total Non-Operating Revenues
12,940
CHANGE IN NET POSITION
(3,441,221)
NET POSITION, Beginning
4,569,054
NET POSITION, Ending
1,127,833
$
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
Proprietary Funds
Statement of Revenues, Expenses and Changes in Net Position
For the Fiscal Year Ended June 30, 2022
48
See accompanying notes to the financial statements
Governmental
Activities
Internal Service
Funds
CASH FLOWS FROM OPERATING ACTIVITIES:
Receipts from Customers
53,446,334
$
Payments to Suppliers
(54,539,321)
Payments to Employees
(42,180)
Net Cash (Used by) Operating Activities
(1,135,167)
CASH FLOWS FROM INVESTING ACTIVITIES:
Earnings on Investments
12,940
NET DECREASE IN CASH AND CASH EQUIVALENTS
(1,122,227)
CASH AND CASH EQUIVALENTS, Beginning
6,045,247
CASH AND CASH EQUIVALENTS, Ending
4,923,020
$
RECONCILIATION OF OPERATING LOSS TO
NET CASH PROVIDED TO (USED BY) OPERATING ACTIVITIES:
Operating Loss
(3,454,161)
$
Changes in Assets and Liabilities:
Change in Prepaid Costs
2,138,883
Change in Accounts Receivable
3,655
Change in Accounts Payable
199,656
Change in Accrued Insurance Claims
(23,200)
Total Adjustments
2,318,994
NET CASH (USED BY) OPERATING ACTIVITIES
(1,135,167)
$
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
Proprietary Funds
Statement of Cash Flows
For the Fiscal Year Ended June 30, 2022
49
See accompanying notes to the financial statements
Private Purpose
Trust Scholarship
ASSETS
Cash and Investments
32,879
$
Total Assets
32,879
$
NET POSITION
Held in Trust for Scholarships
32,879
$
Total Net Position
32,879
$
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
Fiduciary Funds
June 30, 2022
Statement of Fiduciary Net Position
50
See accompanying notes to the financial statements
Private Purpose
Trust Scholarship
ADDITIONS
Contributions
48,000
$
Total Additions
48,000
DEDUCTIONS
Grants and Scholarships
56,750
Total Deductions
56,750
CHANGE IN NET POSITION
(8,750)
NET POSITION, Beginning
41,629
NET POSITION, Ending
32,879
$
For the Fiscal Year Ended June 30, 2022
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
Statement of Changes in Fiduciary Net Position
Fiduciary Funds
51
NOTE 1:
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Reporting Entity
The Douglas County School District RE.1 (the District) is a political subdivision of the State of Colorado
governed by an elected seven-member board of education. The accompanying financial statements represent the
District and the component units for which the District is considered to be financially accountable. The discretely
presented component units are reported in a separate column in the government-wide financial statements to
emphasize they are legally separate from the District.
Discretely Presented Component Units
- The District’s charter schools consist of seventeen separately author-
ized charters: Academy Charter School, American Academy, Aspen View Academy, Ben Franklin Academy,
Challenge to Excellence Charter School, DCS Montessori Charter School, Global Village Academy-Douglas
County, HOPE Online Learning Academy Co-Op, Leman Classical Academy, North Star Academy, Parker Core
Knowledge, Parker Performing Arts School, Platte River Academy, Renaissance Secondary School, SkyView
Academy, STEM School and Academy, and World Compass Academy.
Charter schools are public schools authorized by the District to provide educational alternatives for parents,
pupils and teachers. The schools have separate governing boards, but are fiscally dependent on the District for the
majority of funding, and their exclusion would render the District’s financial statements incomplete.
Charter
schools are considered discretely presented component units for external financial reporting purposes. The
District considers each of the component units to be non-major component units because none of the schools
individually have a financial relationship with the District that is significant enough to require separate reporting
within the basic financial statements. Combining schedules are included within the supplementary section of this
annual comprehensive financial report. The charter schools report within their reporting entities various
foundations formed for fundraising or debt administration. Separate financial statements for all charter schools
are available at each school location and online.
Joint Venture (Parker Joint Service Facility)
- In September 1991, the District and the South Metro Fire
Rescue (South Metro) entered into a joint venture agreement for the construction and operation of a
transportation facility (the Facility). Currently, the District acts in the capacity of administrator under the joint
control of the District Board and the governing body of South Metro. The District share of operating costs for the
Facility is 45 percent.
The Facility is solely responsible for transportation operations, maintenance and services of the District and
South Metro. The Facility is funded through the budgetary process of both parties to the joint venture in
proportion to their respective shares and anticipated usage. The District records operating payments for
transportation operations and usage as transportation expenditures in the Combined General Fund. The District
does not have an equity interest in the Facility; therefore, it is not reflected within the basic financial statements
as an investment. Separate financial statements for this joint venture can be obtained at its office; 17801 East
Plaza Drive, Parker, Colorado.
Government-wide and Fund Financial Statements
The government-wide financial statements (i.e., Statement of Net Position and Statement of Activities) report
information on all the non-custodial activities of the primary government and its component units. For the most
part, the effect of interfund activity has been removed from these statements. Exceptions to this general rule are
charges for interfund services which are reasonably equivalent to the services provided to external organizations.
Governmental activities, which normally are supported by taxes and intergovernmental revenues, are reported
separately from business-type activities, which rely to a significant extent on fees and
charges for support.
Likewise, the primary government is reported separately from certain legally separate component units for which
the primary government is financially accountable. The District does not report any business-type activities.
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
52
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
NOTE 1:
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Government-wide and Fund Financial Statements (Continued)
The Statement of Activities demonstrates the degree to which the direct expenses of the given function or
segment is offset by program revenues. Direct expenses are those that are clearly identifiable with a specific
function or segment. Program revenues include charges to students or other customers who purchase, use, or
directly benefit from goods, services, or privileges provided by a given function or segment and grants and
contributions that are restricted to meeting the operational or capital requirements of a particular function or
segment. Taxes and other items not included among program revenues are reported instead as general
revenues. Internally dedicated resources are reported as general revenues rather than as program revenues. The
District does not allocate indirect expenses.
Separate financial statements are provided for governmental funds, proprietary funds, and the custodial fund
even though the latter is excluded from the District government-wide financial statements. Major individual
governmental funds are reported in separate columns in the fund financial statements.
Measurement Focus, Basis of Accounting, and Financial Statement Presentation
The financial statements of the District have been prepared in conformity with accounting principles generally
accepted in the United States of America, as applied to governmental units. The Governmental Accounting
Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and
financial reporting principles.
The government-wide financial statements are reported using the
economic resources measurement focus
and
the
accrual basis of accounting
, as are the proprietary and custodial fund financial statements. Revenues are
recorded when earned, and expenses are recorded when a liability is incurred, regardless of the timing of
related cash flows. Property taxes are recognized as revenues in the year for which they are levied. Grants and
similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have
been met.
Governmental fund financial statements are reported using the
current financial resources
measurement focus
and the
modified accrual basis
of accounting. Revenues are recognized as soon as they are both measurable
and available. Revenues are considered to be
available
when they are collected within the current period or
soon enough thereafter to pay liabilities of the current period. For this purpose, the District considers revenues
to be available if they are collected within 60 days of the end of the current fiscal period, except grant
revenues which are considered to be available if they are collected within 90 days. Property taxes, specific
ownership taxes, grants, and interest associated with the current fiscal period are all considered to be
susceptible to accrual and have been recognized as revenues of the current fiscal period. All other revenue
items are considered to be measurable and available only when cash is received by the District.
Expenditures generally are recorded when a liability is incurred, as under accrual accounting. Alternatively,
debt service and lease payment expenditures, as well as expenditures related to compensated absences and risk
management claims, are recorded only when payment is due.
Proprietary funds distinguish operating revenues and expenses from non-operating items. Operating revenues
and expenses generally result from providing services and producing and delivering goods in connection with
a proprietary fund’s principal ongoing operations. The principal operating revenues of the District’s internal
service funds are charges to customers for services. Operating expenses for internal service funds include the
cost of sales and services and administrative expenses. All revenues and expenses not meeting this definition
are reported as non-operating revenues and expenses.
The District reports the following major and non-major governmental funds:
Major Governmental Funds:
The
Combined General Fund
is the District’s primary operating fund. It accounts for all
financial resources of the District except those required to be accounted for in another fund.
The Capital Projects Fund has been included in the Combined General Fund as most
resources come from a general fund transfer.
53
NOTE 1:
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Measurement Focus, Basis of Accounting, and Financial Statement Presentation (Continued)
The
Governmental Designated Purpose Grants Fund
accounts for financial activities associated with
most of its State and Federal grants.
The
Bond Redemption Fund
accounts for the resources accumulated and payments made for principal
and interest on long-term general obligation debt of governmental funds.
The
Building Fund
accounts for only the acquisition and construction of major capital facilities and
equipment funded by the sale of general obligation bonds.
Non-major governmental funds:
The
Nutrition Services National School Lunch Program Fund (NSLP)
accounts for the financial
resources that are restricted for activities associated with the District’s USDA Child Nutrition
Programs. During the 2021-2022 school year, due to USDA waivers allowing students the
opportunity to eat for free, all schools were moved into the Child Nutrition Program.
The
Student Activities Fund
accounts for the financial resources restricted for the non-Colorado High
School Activities Association (CHSSA) student activities programs.
The
Athletics and Activities Fund
accounts for the financial resources restricted for activities
associated with athletics and other CHSSA governed programs.
The
Nutrition Services Non-National School Lunch Program Fund (Non-NSLP),
accounts for the
activities restricted for the District’s school lunch programs not funded by the National School Lunch
Program (high schools, one charter school, and one private school catering contract). During the 2021
-2022 school year, due to USDA waivers allowing students the opportunity to eat for free, all schools
were moved into the Child Nutrition Program.
The
Child Care Fund,
known as B.A.S.E. (Before and After School Enterprise), accounts for the
financial resources that are restricted for activities associated with the District’s tuition based child
care programs. There are presently 43 elementary B.A.S.E. programs and 3 Pre-K B.A.S.E. programs.
The
Certificates of Participation (COP) Lease Payment Fund
accounts for the yearly appropriated
resources required to meet the principal and interest payments scheduled for outstanding certificates
of participation.
The District reports the following other fund types:
The
Medical Fund, an internal service fund,
accounts for health activities associated with a self-
funded health insurance plan, a fully insured Kaiser option, as well as other employee health benefits
including dental and vision.
The
Short Term Disability Fund, an internal service fund,
accounts for short term disability activities
associated with a self-funded disability insurance plan.
The
Private-Purpose Trust Scholarship Fund, a private-purpose trust fund,
accounts for the activities
of various scholarship accounts. Trust funds are used to account for assets held by the District under a
trust agreement for individuals, private organizations, and other governments and are therefore not
available to support the District’s own programs.
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
54
NOTE 1:
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Assets, Liabilities, Deferred Inflows/Outflows of Resources, and Net Position or Fund Balance
Cash and Investments
The pooled cash concept is used whereby cash balances of each of the District funds are pooled and invested
in certain investments. All pooled cash investment income is allocated to the General Fund.
The following are
considered to be cash and cash equivalents: cash on hand, cash in the bank, and highly liquid investments
which have a maturity of three months or less when purchased or which are subject to withdrawal.
As of June 30, 2022, the District invested in Colorado Statewide Investment Pool (CSIP) and Colorado
Surplus Asset Fund (CSafe), both external investment pools. The District also invests proceeds from the 2019
bonds in various U.S. Treasury Notes, Federal Agency Bond Notes, Corporate Notes, Agency Bond and
Certificates of Deposit. CSIP Term funds are reported at Net Asset Value (NAV). CSafe and CSIP Local
Government Investment Pool (LGIP) funds are reported at amortized cost. All other securities are recorded at
fair value.
Fair Value Measurement and Application
The District adopted GASB 72,
Fair Value Measurement and Application,
which addresses accounting and
financial reporting issues related to fair value measurements. The fair value is the price that would be received
by the District to sell an asset or paid by the District to transfer a liability in an orderly transaction between
market participants at the measurement date. The fair value measurement for financial reporting at the fiscal
year ended June 30, 2022 and the application used is determined by a hierarchy of one of three levels. Level
one is the most reliable and is quoted prices in active markets for identical assets or liabilities, level two is
reliable and consists of quoted prices for similar assets or liabilities, other observable inputs, interest rates,
credit spreads, condition of the asset, activity level of markets for observable input, and level three is least
reliable which is based on unobservable inputs. All donated assets are measured at the estimated acquisition
value.
Receivables and Payables
Activity between funds that is representative of lending/borrowing arrangements outstanding at the end of the
fiscal year is referred to as either
due to
or
due from other funds
(i.e., the current portion of interfund loans).
Property taxes are levied on December 15. Property taxes are payable in full by April 30, or in two equal
installments due February 28 and June 15. The County bills and collects property taxes for all taxing districts
within the County. Property tax receipts are remitted to the District in the subsequent month. Delinquent
property taxes are subject to sale of tax certificates in the following November. Property taxes levied in the
current year but not received at year-end are identified as
property taxes, net of allowance for uncollectible
taxes
. Any taxes not collected within 60 days after year-end are recorded as a
deferred inflow of resources
in
the governmental fund financial statements.
Specific ownership taxes are collected by the County for motor vehicles registered in the District’s assessment
area. Tax receipts collected by the County are remitted to the District in the subsequent month. Specific
ownership taxes are recorded as receivables and revenues when collected by the County.
Inventories and Prepaid Costs
All inventories are valued at cost using the average cost method. Inventories of governmental funds are
recorded as expenditures when consumed rather than when purchased. Certain payments to vendors reflect
costs
applicable to future accounting periods and are recorded as prepaid costs in both government-wide and
fund financial statements. The District records prepaid costs using the
purchase method.
Restricted Assets
The District and its component units restrict cash and investments representing debt service reserves and
unspent bond proceeds.
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
55
NOTE 1:
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Assets, Liabilities, Deferred Inflows/Outflows of Resources, and Net Position or Fund Balance
(Continued)
Capital Assets
Capital assets, which include property and equipment, are reported in the governmental activities column in
the government-wide financial statements. Capital assets are defined by the District as assets with an
individual or aggregate cost of $5,000 or more and an estimated useful life in excess of one year. Such assets
are
recorded at historical cost, or estimated historical cost, if purchased or constructed. Donated capital
assets are recorded at estimated acquisition value at the date of donation.
The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend asset
life are not capitalized.
First year depreciation is calculated at one-half year regardless of the purchase date. Property and equipment
of the District, as well as the component units, are depreciated using the straight-line method over the
following estimated useful lives:
Unearned Revenue
Unearned revenue in the government-wide and the fund financial statements consists primarily of unearned
tuition, fees, grants, or prepaid student lunch accounts.
Deferred Outflows/Inflows of Resources
In addition to assets, the statement of financial position will sometimes report a separate section for deferred
outflows of resources. This separate financial statement element,
deferred outflows of resources,
represents a
consumption of net assets that applies to a future period(s) and so will
not
be recognized as an outflow of
resources (expense/expenditure) until then. The District has three items that qualify for reporting in this
category. The first is the deferred charge on refunding which results from the difference in the carrying value
of the refunded debt and its reacquisition price. This amount is deferred and amortized over the shorter of the
life of the refunded or refunding debt. The second is shown as pension-related amounts and includes items
related to the District’s portion of the Colorado Public Employees Retirement Association (PERA) benefit
plan. This includes the difference between expected and actual experience, any changes of assumptions or
other inputs, and the net difference between projected and actual investment earnings on pension plan
investments. Additional information on pension-related amounts is included in Note 10. The third amount is
shown as other post-employment benefit (OPEB) related amounts and includes items related to the District’s
portion of the Health Care Trust Fund administered by PERA. This includes the difference between expected
and actual experience, any changes of assumptions or other inputs, and the net difference between projected
and actual investment earnings on OPEB plan investments. Additional information on OPEB-related amounts
is included in Note 11.
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
Asset
Years
Buildings
50
Building Improvements
20-40
Land Improvements
5-20
Portable Classrooms
25
Vehicles
8
Office Equipment
7-10
Computer Equipment
5
56
NOTE 1:
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Assets, Liabilities, Deferred Inflows/Outflows of Resources, and Net Position or Fund Balance
(Continued)
In addition to liabilities, the balance sheet will sometimes report a separate section for deferred inflows of
resources.
This separate financial statement element
, deferred inflows of resources
, represents an acquisition
of net assets that applies to a future period(s) and so will
not
be recognized as an inflow of resources (revenue)
until that time.
The District has four items that qualify for reporting in this category.
Accordingly, the items
unavailable revenue
, is reported in the governmental funds balance sheet as unavailable revenues from
property taxes.
These amounts are
deferred and recognized as an inflow of resources in the period that the
amounts become available.
The other item included in this category is the pension-related amounts and
includes items related to the District’s portion of the Colorado Public Employees Retirement Association
(PERA) benefit plan. This includes the difference between expected and actual experience, any changes of
assumptions or other inputs, and the net difference between projected and actual investment earnings on
pension plan investments. Additional information on pension-related amounts is included in Note 10. The third
amount is shown as other post-employment benefit (OPEB) related amounts and includes items related to the
District’s portion of the Health Care Trust Fund administered by PERA. This includes the difference between
expected and actual experience, any changes of assumptions or other inputs, and the net difference between
projected and actual investment earnings on OPEB plan investments. Additional information on OPEB-related
amounts is included in Note 11. The fourth amount is shown as resources for leases. This amount is deferred
and amortized using the effective interest rate method.
Compensated Absences
It is District policy to permit employees to accumulate earned but unused sick pay benefits. Unused sick leave
is paid to employees, up to a maximum of 130 days, upon termination after completing ten years of service.
Vacation time must be used the same fiscal year it is earned. The current and long-term liabilities for sick time
are accrued when earned in the government-wide financial statements. A liability for these amounts is reported
in the governmental funds only if they have matured.
Long-term Obligations
In the government-wide financial statements, long-term debt and other long-term obligations are reported as
liabilities in the applicable governmental activities statement of net position. Bond premiums and discounts are
deferred and amortized using the effective interest method. Bond issuance costs are expensed in the year they
are incurred.
In the fund financial statements, governmental fund types recognize bond premiums and discounts, as well as
bond issuance costs, during the current period. The face amount of debt issued is reported as other financing
sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt
issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt
proceeds received, are reported as expenditures in the year they are incurred.
Fund Balance/Net Position
In the fund financial statements, governmental funds report the following classification of fund balance:
Nonspendable -
includes amounts that cannot be spent because they are either not spendable in form - such
as inventories - or are legally or contractually required to be maintained intact.
Restricted -
includes amounts restricted by external sources (creditors, laws of other governments, etc.) or
by constitutional provision such as Colorado TABOR or enabling legislation. Other balances include
Medicaid and National School Lunch Program grant restricted funds as well as bond redemption and
building fund balances.
Committed -
includes amounts that can only be used for specific purposes. Committed fund balance is
reported pursuant to resolutions passed by the Board of Education, the District’s highest level of decision
making authority. Fund balance of the District may be committed for a specific source by formal action of
the Board of Education. Amendments or modifications of the committed fund balance must also be
approved by formal action of the Board of Education.
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
57
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
NOTE 1:
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Assets, Liabilities, Deferred Inflows/Outflows of Resources, and Net Position or Fund Balance (Continued)
Fund Balance/Net Position (Continued)
Assigned -
includes amounts the District intends to use for a specific purpose, but do not meet the definition
of restricted fund balance. Under the District’s adopted policy, the Board delegates authority to the
Superintendent or the Chief Financial Officer to determine these assignments.
Unassigned -
includes all other spendable amounts and negative fund balances in other governmental funds.
In circumstances where an expenditure is to be made for a purpose for which amounts are available in multiple
fund balance classifications, the order in which resources will be expended is as follows: restricted fund balance,
committed fund balance, assigned fund balance, and lastly, unassigned fund balance.
Net position represents the difference between assets and deferred outflows of resources and liabilities and
deferred inflows of resources. Net investment in capital assets of $423,650,011 consists of capital assets, net of
accumulated depreciation, reduced by the outstanding balances of any borrowing used for the acquisition or
construction of improvements on those assets, excluding unspent bond and COP proceeds. Net position is
reported as restricted when there are limitations imposed on their use, either through the enabling legislation
adopted by the District or through external restrictions imposed by creditors, grantors, laws or regulations of
other governments. As of June 30, 2022, the District has $17,561,600 and the charter schools have $5,286,335,
restricted for TABOR emergency reserves.
Pensions
The District participates in the School Division Trust Fund (SCHDTF), a cost-sharing multiple-employer
defined benefit pension fund administered by the Public Employees’ Retirement Association of Colorado
(PERA). The net pension liability (NPL), deferred outflows of resources, and deferred inflows of resources
related to pensions, pension expense, information about the fiduciary net position (FNP), and additions to/
deductions from the FNP of the SCHDTF have been determined using the economic resources measurement
focus and the accrual basis of accounting. For this purpose, benefit payments (including refunds of employee
contributions) are recognized when due and/or payable in accordance with the benefit terms. Investments are
reported at fair value.
Deferred Benefit Other Post Employment Benefit (OPEB) Plan
The District participates in the Health Care Trust Fund (HCTF), a cost-sharing multiple-employer defined benefit
OPEB fund administered by the Public Employees’ Retirement Association of Colorado (PERA). The net OPEB
liability, deferred outflows of resources and deferred inflows of resources related to OPEB, OPEB expense,
information about the FNP, and additions to/deductions from the FNP of the HCTF have been determined using
the economic resources measurement focus and the accrual basis of accounting. For this purpose, benefits paid
on behalf of health care participants are recognized when due and/or payable in accordance with the benefit
terms. Investments are reported at fair value.
Adoption of New Accounting Standards - GASB Statement No. 87, Leases
In June 2017, the GASB issued GASB Statement No. 87, Leases. This standard requires the recognition of
certain lease assets and liabilities for leases that previously were classified as operating leases and as inflows of
resources or outflows of resources recognized based on the payment provisions of the contract. It
establishes a single model for lease accounting based on the foundational principle that leases are financings of
the right to use an underlying asset. Under this standard, a lessee is required to recognize a lease liability and an
intangible right-to-use lease asset, and a lessor is required to recognize a lease receivable and a deferred inflow of
resources.
The District adopted the requirements of the guidance effective July 1, 2021 and has applied the provisions of
this standard to the beginning of the earliest comparative period presented.
58
NOTE 2:
DEPOSITS AND INVESTMENTS
At June 30, 2022, deposits and investments were reported in the financial statements as follows:
* Governmental Activities include Governmental Funds and the Internal Service Funds.
Cash and investments at June 30, 2022, consisted of the following:
Deposits
Federal Deposit Insurance Corporation (FDIC) coverage for government accounts is $250,000 per official
custodian. The Colorado Public Deposit Protection Act (PDPA) requires that all units of local government
deposit cash in eligible public depositories. Eligibility is determined by State statutes. The State regulatory
commissioners regulate the eligible public depositories. Amounts on deposit in excess of federal insurance
levels must be collateralized by eligible collateral as determined by the PDPA.
PDPA allows the financial institution to create a single collateral pool for all public funds held. The pool is to
be maintained by another institution, or held in trust for all the uninsured public deposits as a group. The fair
value of the collateral must be equal to at least 102 percent of the uninsured deposits. At June 30, 2022, the
District bank deposits were covered by FDIC Insurance or fell under the provisions of PDPA.
Investments
The District is required to comply with State statutes which specify investment instruments meeting defined
rating, maturity, and concentration risk criteria in which local governments may invest, which include:
·
United States treasury obligations and certain U.S. agency securities
·
Corporate bonds
·
Mutual bonds
·
Short term certificates of deposit
·
Bankers' acceptances of certain banks
·
Commercial paper
·
Repurchase agreements
·
Certain money market funds
·
Guaranteed investment contracts
·
Local government investment pools
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
Governmental Activities *
343,270,425
$
Private Purpose Trust Scholarship
32,879
Total
343,303,304
$
Deposits
4,713,681
$
Cash on Hand
40,875
Investments
338,548,748
Tota
l
343,303,304
$
THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK
59
NOTE 2:
DEPOSITS AND INVESTMENTS (Continued)
Investments (Continued)
The District’s investment policy does not further restrict its investment options.
At June 30, 2022, the District had the following investments:
Local Government Investment Pools
(LGIP) - At June 30, 2022, the District had dollars invested in local
government investment pools with $218,298,537 invested in Colorado Statewide Investment Program (CSIP).
Term investments are measured at Net Asset Value (NAV) and LGIP investments are measured at amortized cost.
CSIP is a statutory trust organized and existing under the laws of the State of Colorado intended solely for the use
of Colorado local governments. Investments of the trust are limited to those allowed by State statutes. The
District also had $20,535,935 invested in the Colorado Surplus Asset Fund (CSafe) at June 30, 2022. CSafe is
similar to a money market fund, with each share valued at $1.00 and is measured at amortized cost. The State
Securities Commissioner administers and enforces all state statutes governing CSafe.
CSIP is a statutory trust organized and existing under the laws of the State of Colorado intended solely for the use
of Colorado local governments. Investments of the trust are limited to those allowed by State statutes. CSIP’s sole
purpose is to serve government entities in Colorado to meet their daily cash management needs with an emphasis
on 1) safety, 2) liquidity, 3) transparency and 4) competitive yields. CSIP is a local government investment pool
trust fund organized under C.R.S. § 24-75-701,
et seq
., registered as such with the
Colorado Securities
Commissioner pursuant to the Local Government Investment Pool Trust Fund Administration and Enforcement
Act, C.R.S. § 11-51-901,
et seq
. As such a trust, CSIP pools and invests the funds of Colorado local government
participants within the investment policies and limitations set forth in CSIP’s Indenture of Trust and C.R.S. § 24-
75-601,
et seq
. Participants include municipalities, counties, school
districts and special districts.
CSIP offers two investment options, 1) CSIP Liquid Portfolio and 2) CSIP Term Portfolio. The CSIP Liquid
Portfolio is a fully liquid, variable rate investment option, rated AAAm by Standard and Poor’s. There are no
unfunded commitments, the redemption frequency is daily and there is a one-day redemption notice. The CSIP
Term Portfolio offers the ability for participants to invest in shares of fixed-rate, fixed-term investments, rated
AAAf by Fitch Ratings.
There are no unfunded commitments, the redemption period is planned at maturity, and
the redemption period is a sixty-day minimum and one-year maximum.
Custodial Credit Risk
- There is the risk that, in the event of the failure of the counterparty, the District will not be
able to recover the value of its investments or collateral securities that are in the possession of an outside party.
None of the District’s investments are subject to custodial risk.
Interest Rate Risk
- State statutes limit investments in U.S. Agency securities to an original maturity of five years,
unless the governing board authorizes the investment for a period in excess of five years.
Credit Risk
- State statutes limit investments in U.S. Agency securities to the highest rating issued by nationally
recognized statistical rating organizations (NRSROs).
The District’s investment policy and State statutes limit investments in money market funds to those with the
highest rating issued by NRSROs and with a constant share price, or to money market funds that invest only in
specified securities.
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
Investment Type
S&P/Fitch
Ratings
Amortized
Cos t
Net Asset
Value
Fair Value
Total
12 Months or
less
13-24
Months
25-60
Months
CSafe Funds
AAAm
$
20,535,935
$
-
$
-
$
20,535,935
20,535,935
$
-
$
-
$
CSIP LGIP
AAAm
218,298,537
-
-
218,298,537
218,298,537
-
-
CSIP Term
AAAf
-
66,000,000
-
66,000,000
66,000,000
-
-
US Treasury Note
AA+
-
-
7,957,118
7,957,118
-
-
7,957,118
Federal Agency Bond/Note
AA+
-
-
23,012,241
23,012,241
-
-
23,012,241
Agency Bond/Note
AAA
-
-
528,660
528,660
-
-
528,660
Commercial Paper
A-1/A-1+
-
-
2,216,257
2,216,257
2,216,257
-
-
Total
238,834,472
$
66,000,000
$
33,714,276
$
338,548,748
$
307,050,729
$
-
$
31,498,019
$
Investment Maturities (In Years)
60
NOTE 2:
DEPOSITS AND INVESTMENTS (Continued)
Investments (continued)
Concentration of Credit Risk
- State statutes and the District’s investment policy do not limit the amount the
District may invest in one issuer
.
As of June 30, 2022, the investments of Fannie Mae Notes $21,153,846,
Credit Sunrise New York Commercial Paper $2,216,257 and Freddie Mac Notes $1,858,395 individually
garner greater than five percent of total investments.
Fair Value
The District categorizes its fair value measurements within the fair value hierarchy established by generally
accepted accounting principles. The hierarchy is based on the valuation inputs used to measure the fair value
of the asset. Level 1 inputs are quoted prices in active markets for identical assets; Level 2 inputs are valued
using a matrix pricing technique. Matrix pricing is used to value securities based on the securities’ relationship
to benchmark quoted process; Level 3 inputs are significant unobservable inputs.
The District has the following fair value measurements as of June 30, 2022:
NOTE 3:
INTERFUND BALANCES AND TRANSFERS
Interfund balances are created when there is a liability of one fund due to another fund. Interfund balances for
the year ended June 30, 2022, were composed of the following:
Interfund balances result from the time lag between the dates that (1) interfund goods and services are
provided or reimbursable expenditures occur, (2) transactions are recorded in the allocating system, and (3)
payments between funds are made. The interfund receivables and payables are expected to be collected/paid in
the subsequent year.
Transfers are used to move revenues from the fund that collects them to specific programs accounted for in
other funds in accordance with budget authorization. Transferred funds are without recourse. Transfers during
the fiscal year ended June 30, 2022 were as follows:
All transfers were made from the General Fund to support the operations of various other funds that statute or
budget requires to expend them.
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
Transfers From
Transfers To
Amount
General Fund
Nutrition Services NSLP Fund
445,352
$
General Fund
Child Care Fund
2,262,045
General Fund
COP Lease Payment Fund
2,746,228
General Fund
Athletics & Activities Fund
4,395,546
Total
9,849,171
$
Investment by fair value level:
June 30, 2022
Level 1
Level 2
Level 3
US Treasury Notes
7,957,118
$
-
$
$
7,957,118
-
$
Federal Agency Bond/Note
23,012,241
-
23,012,241
-
Agency Bond/Note
528,660
-
528,660
-
Commercial Paper
2,216,257
-
2,216,257
-
Total Investments by fair value level
33,714,276
$
-
$
33,714,276
$
-
$
Due From
Due To
Amount
Governmental Designated Grants Fund
General Fund
$
2,350,269
Outdoor Education Fund
General Fund
$
89,445
61
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
NOTE 4:
LEASE RECEIVABLES
A summary of the District’s lease terms and interest rates are as follows:
Governmental Activities:
Total future minimum lease payments to be received under lease agreements are as follows:
During the year ended June 30, 2022, the District recognized $35,123 in lease revenue and $21,802 in interest
revenue.
The District entered into a lease with Arapahoe Community College beginning July 1, 2022. Monthly payments
including interest at 4.5% ranging from $2,115 to $11,362 due the first day of each month. The final payment is
due June 2042.
NOTE 5:
CAPITAL ASSETS
Capital Asset activity for the year ended June 30, 2022 was as follows:
Year Ending June 30,
Principal
Interest
Total
2023
105,687
$
66,847
$
172,534
$
2024
77,450
41,730
119,180
2025
85,047
37,858
122,905
2026
93,051
33,736
126,787
2027
101,453
29,232
130,685
2028-2032
572,765
64,656
637,421
Total Minimum Lease Payments
1,035,453
$
274,059
$
1,309,512
$
Governmental Activities
Building and educational space lease with University of Colorado
beginning December 2021. Monthly payments including interest at
4.5% ranging from $9,487 to $12,438
due the first day of each
month. The final payment is due December 2031.
1,035,453
$
June 30, 2021
Additions
Deletions
Transfers
June 30, 2022
Governmental Activities
Land
13,310,241
$
-
$
-
$
-
$
13,310,241
$
Construction in Progress (CIP)
107,732,299
78,610,698
-
(54,550,568)
131,792,429
Total Capital Assets
121,042,540
78,610,698
-
(54,550,568)
145,102,670
(Not Depreciated)
Buildings and Improvements
982,073,335
113,244
(2,468,473)
48,385,475
1,028,103,581
Building - Lease Assets
20,775,720
-
-
-
20,775,720
Land Improvements
8,435,621
326,450
(6,860)
2,675,369
11,430,580
Machinery and Equipment
114,072,228
2,534,837
(14,955,169)
3,489,724
105,141,620
Total Depreciable Capital Assets
1,125,356,904
2,974,531
(17,430,502)
54,550,568
1,165,451,501
Accumulated Depreciation/Amortization:
Building and Improvements
(405,043,376)
(23,158,778)
1,389,011
-
(426,813,143)
Building - Lease Assets
(4,220,228)
(1,211,832)
-
-
(5,432,060)
Land Improvements
(2,235,485)
(1,449,985)
4,116
-
(3,681,354)
Machinery and Equipment
(75,783,000)
(10,561,144)
14,679,792
-
(71,664,352)
Total Accumulated Depreciation/Amortization
(487,282,089)
(36,381,739)
16,072,919
-
(507,590,909)
Net Depreciated/Amortized Capital Assets
638,074,815
(33,407,208)
(1,357,583)
54,550,568
657,860,592
Net Capital Assets with
Land and CIP
759,117,355
$
45,203,490
$
(1,357,583)
$
-
$
802,963,262
$
62
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
NOTE 5:
CAPITAL ASSETS (Continued)
As a result of implementation of GASB No. 87 (GASB 87),
Leases
, $7,602,572 in lease assets for leases of
buildings has been added to the beginning balance presented in the previous table. As these leases are offset
by an equal amount of lease liabilities, the District does not report a restatement of beginning net position for
the implementation of GASB 87. Building assets of $13,173,148 and related accumulated of $4,220,228 was
transferred to the lease asset building classifications as a result of implementation of GASB 87.
For the year ended June 30, 2022, depreciation/amortization expense was charged to functions of the District
as follows:
Certain charter schools made slight adjustments to beginning balances and classifications, see Restatement of
Fund Balance, Note 13 for further information. In addition, certain charter schools implemented GASB 87
and as a result, $2,850,993 in leased assets have been added to the beginning balance. As these leases are
offset by an equal amount of lease liabilities, no restatement related to leases is reported.
NOTE 6:
ACCRUED COMPENSATION
Salaries and benefits of certain contractually employed personnel are paid over a 12-month period from
August to July, but are earned during a school year of approximately 9 to 10 months. Accordingly, the accrued
compensation is reflected as a liability of the respective funds in the accompanying financial statements. The
salaries and benefits earned but unpaid at June 30, 2022 are recorded in the funds as follows:
Accrued compensation for the charter schools as of June 30, 2022, is $4,841,141.
Governmental Activities:
Instruction
5,220,701
$
Supporting Services
31,161,038
Total
36,381,739
$
June 30, 2021
Additions
Deletions
June 30, 2022
Land
19,983,925
$
645,621
$
(22,952)
$
20,606,594
$
Construction in Progress (CIP)
9,297,021
6,375,912
(72,944)
15,599,989
29,280,946
7,021,533
(95,896)
36,206,583
Buildings and Improvements
260,105,598
6,907,918
(99,139)
266,914,377
Machinery and Equipment
5,901,439
163,899
-
6,065,338
Lease Equipment
3,987,067
-
-
3,987,067
Total Depreciable Capital Assets
269,994,104
7,071,817
(99,139)
276,966,782
Accumulated Depreciation:
Buildings and Improvements
(48,741,678)
(8,538,928)
29,745
(57,250,861)
Machinery and Equipment
(4,562,965)
(616,011)
1,982
(5,176,994)
Lease Equipment
(1,553,641)
(168,497)
-
(1,722,138)
(54,858,284)
(9,323,436)
31,727
(64,149,993)
215,135,820
(2,251,619)
(67,412)
212,816,789
Net Capital Assets with Land and CIP
244,416,766
$
4,769,914
$
(163,308)
$
249,023,372
$
Charter Schools
Total Capital Assets (Not Depreciated)
Total Accumulated Depreciation
Net Depreciated Capital Assets
Discretely Presented Component Units-
Governmental Activities
Combined General Fund
38,950,241
$
Governmental Designated Purpose Grant Fund
1,509,037
Non-major Governmental Funds
804,447
Total
41,263,725
$
63
NOTE 7:
LONG-TERM LIABILITIES
Long-term liabilities activity for the year ended June 30, 2022, is as follows:
As a result of implementation of GASB 87,
Leases
, $7,602,572 in lease liabilities for leases of buildings has been
added to the beginning balance presented above. As these leases are offset by an equal amount of lease assets, the
District does not report a restatement of beginning net position for the implementation of GASB 87.
General Obligation Bonds
The District issues general obligation (G.O.) bonds and certificates of participation (COP) to provide funds for the
acquisition and construction of major capital facilities. General obligation bonds are direct obligations and pledge the
full faith and credit of the District. The legal debt limit and debt margin as of June 30, 2022 are $1,627,980,522 and
$1,201,320,009, respectively. Management of the District believes it is in compliance with the legal debt
limits.
G.O. Bonds outstanding at June 30, 2022, consist of the following:
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
Balance
Balance
Due Within
June 30, 2021
Additions
Reductions
June 30, 2022
One Year
Governmental Activities:
General Obligation Bonds
419,585,000
$
-
$
55,360,000
$
364,225,000
$
23,550,000
$
Certificates of Participation
22,385,000
-
13,705,000
8,680,000
800,000
Accreted Interest
2,379,722
1,023,732
-
3,403,454
(1,723,908)
Bond Premiums
50,892,604
-
10,409,969
40,482,635
5,252,977
Extended Service Severance
95,803
-
18,749
77,054
20,000
Leases
11,226,437
-
1,357,013
9,869,424
1,366,921
Compensated Absences
5,107,024
814,162
723,305
5,197,881
515,430
OPEB Liability
34,048,351
-
3,241,195
30,807,156
-
Net Pension Liability
936,328,834
-
299,578,148
636,750,686
-
Total
1,482,048,775
$
1,837,894
$
384,393,379
$
1,099,493,290
$
29,781,420
$
$87,310,000 G.O. Refunding Bonds, Series 2009; interest ranging from 2%
to 5.25% payable semiannually; principal payable annually beginning
December 2009. The final payment is due December 2025.
21,095,000
$
$70,995,000 G.O. Refunding Bonds, Series 2012; yielding 0.28% to 2.86%;
interest compounds semiannually; principal payable annually beginning
December 2015. The final payment is due December 2030.
66,255,000
$100,000 G.O. Capital Appreciation Bonds, Series 2012; yielding 3.2% to
3.35%; interest compounds semiannually; principal payable annually
beginning December of 2022. The final payment is due December 2023.
100,000
$31,020,000 G.O. Refunding Bonds, Series 2013, yielding 0.25% to 2.72%;
interest compounds semiannually; principal payable annually beginning
December 2013. The final payment is due December 2028.
29,615,000
$249,975,000 G.O. Bond, Series 2019, yielding 1.660% to 3.080%; interest
compounds
semiannually;
principal
payable
annually
beginning
December 2019. The final payment is due December 2038.
247,160,000
Total General Obligation Bonds
364,225,000
$
64
NOTE 7:
LONG-TERM LIABILITIES (Continued)
Certificates of Participation
Certificates of Participation (COP) obligations are satisfied using general operating funds. District buildings are
held as collateral on the debt.
Aspen View Charter School participated in the District’s 2012 COP issuance.
The charter school issued new debt in fiscal year 2020-2021 of which proceeds of over $12 million given to the
District and were shown in other financing sources on the District’s non-major governmental funds.
In the cur-
rent fiscal year those funds were placed into an irrevocable trust and used to payoff the charter’s portion of the
2012 COP.
The new refunding debt appears on the charter schools statements.
COPs outstanding at June 30, 2022, consist of the following:
Leases
The District leases certain assets from various third parties.
The assets leased include office space and
equipment.
Leases outstanding at June 30, 2022, consist of the following:
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
$15,500,000 Certificates of Participation, Series 2012;
interest ranging from
2% to 3.5% payable semiannually; principal payable annually beginning
January 2016. The final payment is due January 2037.
775,000
$
$12,100,000 Refunding Certificates of Participation, Series 2016; interest
ranging from 2% to 4% payable semiannually; principal payable annually
beginning January 2017. The final payment is due January 2031.
7,905,000
Total Certificates of Participation
8,680,000
$
Office space lease at Inverness Parkway for eDCSD and District support
staff beginning July 1, 2021. Lease allows for two 5-7 year extensions of
which the District plans to utilize one of the extensions for 5 years. Monthly
payments including interest at 3.25% ranging from $41,054 to $62,669 due the
first day of each month.
The final payment is due November 2034.
6,200,816
$
Office space lease at Park Meadow Drive for Bridge programming beginning
July 2021.
Monthly payments including interest at 3.50% ranging from
$9,075 to $12,920 due the first day of each month. The finalpayment is due
June 2031.
1,020,177
Energy Performance lease beginning September 2016. Semi-annual payment
including
interest at 1.91% ranging
from $425,355 to $543,230 are due
beginning March 2017.
Final payment is due September 2027.
2,648,431
Total
Leases
9,869,424
$
65
NOTE 7:
LONG-TERM LIABILITIES (Continued)
Accreted Interest
Future Debt Service/Lease Obligations
The following schedule represents the District’s debt service and lease payment obligations to maturity for
outstanding bonded debt, registered coupons and certificates of participation and capital leases at June 30, 2022:
Certificates of Participation
THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
June 30,
Principal
Interest
Total
2023
23,550,000
$
18,982,388
$
42,532,388
$
2024
36,070,000
17,047,331
53,117,331
2025
39,760,000
13,233,831
52,993,831
2026
27,140,000
11,698,931
38,838,931
2027
30,650,000
10,401,375
41,051,375
2028-2032
105,065,000
33,386,625
138,451,625
2033-2037
69,715,000
15,548,275
85,263,275
2038-2042
32,275,000
1,633,375
33,908,375
Tota
l
364,225,00
0
$
121,932,131
$
486,157,131
$
Accreted compound interest on capital appreciation bonds, due and
payable upon final payment of each respective bond.
3,403,454
$
June 30,
Principal
Interest
Total
2023
800,000
$
317,925
$
1,117,925
$
2024
825,000
294,125
1,119,125
2025
850,000
269,375
1,119,375
2026
885,000
235,825
1,120,825
2027
915,000
200,875
1,115,875
2028-2032
4,100,000
431,306
4,531,306
2033-2037
305,000
32,763
337,763
Total
8,680,000
$
1,782,194
$
10,462,194
$
66
NOTE 7:
LONG-TERM LIABILITIES (Continued)
Future Debt Service/Lease Obligations (Continued)
Leases
Compensated Absences
Compensated absences are expected to be liquidated with revenues of the General Fund.
Extended Service Severance
During the 2012 fiscal year, the District initiated a phase out of an extended service severance benefit offered
within the Douglas County Federation of Teachers, division of American Federation of Teachers, certified
and classified contracts. Employees who were eligible to retire by June 30, 2012, June 30, 2013 and June 30,
2014 were eligible to take advantage of this benefit phase out. The total liability was calculated at about $6.2
million of which about $6.195 million was paid out in October of the past nine years (2012-2021) leaving a
liability of $77,054. This liability is reported in the government-wide financial statements only as none of it is
expected to be liquidated with expendable available financial resources.
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK
June 30,
Principal
Interest
Total
2023
1,366,921
$
225,488
$
1,592,409
$
2024
773,875
246,291
1,020,166
2025
835,138
227,339
1,062,477
2026
879,762
201,374
1,081,136
2027
926,464
177,018
1,103,482
2028-2032
3,477,220
535,950
4,013,170
2033-2035
1,610,044
61,863
1,671,907
Total
9,869,424
$
1,675,323
$
11,544,747
$
67
NOTE 7:
LONG-TERM LIABILITIES (Continued)
Charter School Long-term Liabilities
Charter school long-term liability activity for the year ended June 30, 2022 was as follows:
Charter School Leases and Loans
Colorado Educational and Cultural Facilities Authority (The Authority) has issued Charter School Revenue
Bonds on behalf of the Charter Schools. The Charter Schools make monthly payments to the Authority under
various lease agreements. Additionally, Charters lease various technology under a lease agreements. Minimum
lease payments to maturity for leases and loans are as follows:
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK
Balance
Balance
Due Within
Charter Schools:
June 30, 2021
Additions
Reductions
June 30, 2022
One Year
Loans
295,926,605
$
18,725,000
$
(5,575,076)
$
309,076,529
$
20,968,336
$
Leases
7,994,239
1,047,624
(1,678,453)
7,363,410
2,217,241
Discount
(1,344,982)
-
93,578
(1,251,404)
-
Premium
14,817,463
690,664
(661,802)
14,846,325
169,557
Compensated Absences
341,835
-
(68,748)
273,087
63,712
Total
317,735,160
$
20,463,288
$
(7,890,501)
$
330,307,947
$
23,418,846
$
June 30,
Principal
Interest
Total
2023
23,367,951
$
14,802,538
$
38,170,489
$
2024
5,621,264
13,859,210
19,480,474
2025
5,951,162
13,635,110
19,586,272
2026
6,305,452
13,392,698
19,698,150
2027
13,800,358
12,879,728
26,680,086
2028-2032
39,735,535
58,958,242
98,693,777
2033-2037
41,600,717
49,937,155
91,537,872
2038-2042
38,845,000
40,523,947
79,368,947
2043-2047
44,770,000
29,932,927
74,702,927
2048-2052
46,230,000
18,204,354
64,434,354
2053-2055
50,212,500
8,210,422
58,422,922
Total
316,439,939
$
274,336,331
$
590,776,270
$
68
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
NOTE 8:
SHORT-TERM DEBT
Due to the cyclical nature of property tax cash flow that school districts significantly rely on for operation, the
State Treasurer is authorized to issue short-term debt in order to make interest-free loans to participating
Colorado school districts.
During the fiscal year ended June 30, 2022, the District borrowed $5,179,000 from the State-sponsored
interest-free loan program to provide cash flow throughout the fiscal year. None of the amount borrowed was
outstanding at June 30, 2022.
NOTE 9:
RISK MANAGEMENT
The deductible for all perils, including flood, windstorm and earthquake, is subject to a per occurrence
deductible of $100,000. Auto per occurrence deductible is $150,000. The District has no excess coverage for
physical damage and collision, upset or overturning of vehicles off premises. Further, the Colorado
Governmental Immunity Act provides local governments with immunity from liability in excess of $387,000
per person per occurrence and $1,093,000 aggregate per occurrence. The District is self-insured for its
medical and property/workers’ compensation claims.
The District purchases commercial insurance and several lines of liability insurance for claims in excess of the
District’s self-insured retention.
Settled claims for the past three fiscal years have not exceeded the
commercial coverage.
Liabilities of the fund are reported when it is probable that a loss has occurred, and the amount of the loss can
be reasonably estimated. Liabilities include an amount for claims that have been incurred but not reported
(IBNR).
The result of the process to estimate the claims liability is not an exact amount as it depends on many complex
factors such as inflation, changes in legal doctrines, and damage awards. Accordingly, claims are re-evaluated
periodically to consider the effects of inflation, recent claim settlement trends (including frequency and
amount of pay-outs), and other economic and social factors. The estimate of the claims liability also includes
amounts for incremental claim adjustment expenses related to specific claims and other claim adjustment
expenses regardless of whether allocated to specific claims. The claims liability was determined actuarially.
The property claims liability is based on the current reserves. The claims liability is considered to be
reasonably estimated (measurable) and probable of assertion.
THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK
69
NOTE 9:
RISK MANAGEMENT
(Continued)
The following represents the change in the claims liability for the District during the fiscal year ended June 30,
2022.
The District's property and workers’ compensation activity is reported within the General Fund. The claims
liability for property and workers’ compensation is only reported in the government-wide Statement of Net
Position as the liability is not a matured liability under the modified accrual basis of accounting.
The District utilizes the Medical Fund, an internal service fund, for the accounting and reporting of its health
insurance claims. Accordingly, the claims are expensed as they are incurred and the full medical claim liability of
$4,564,400 is reported within the Medical Fund as a current liability because the District expects to pay the full
balance within a year.
NOTE 10:
PENSION PLAN
Defined Benefit Pension Plan
Plan Description
– Eligible employees of the District are provided with pensions through the School Division
Trust Fund (SCHDTF), a cost-sharing multiple-employer defined benefit pension plan administered by the Public
Employees’ Retirement Association of Colorado (PERA). Plan benefits are specified in Title 24,
Article 51 of the
Colorado Revised Statutes (C.R.S.), administrative rules set forth at 8 C.C.R. 1502-1, and applicable provisions of
the federal Internal Revenue Code. Colorado State law provisions may be amended from time to time by the
Colorado General Assembly. PERA issues a publicly available annual comprehensive financial report (ACFR)
that can be obtained at
www.copera.org/investments/pera-financial-reports.
Benefits provided as of December 31, 2021
- PERA provides retirement, disability, and survivor benefits.
Retirement benefits are determined by the amount of service credit earned and/or purchased, highest average
salary, the benefit structure(s) under which the member retires, the benefit option selected at retirement, and age at
retirement. Retirement eligibility is specified in tables set forth at C.R.S. § 24-51-602, 604, 1713, and 1714.
The lifetime retirement benefit for all eligible retiring employees under the PERA benefit structure is the greater
of the:
Highest average salary multiplied by 2.5 percent and then multiplied by years of service credit.
The value of the retiring employee’s member contribution account plus a 100 percent match on eligible
amounts as of the retirement date. This amount is then annuitized into a monthly benefit based on life
expectancy and other actuarial factors.
The lifetime retirement benefit for all eligible retiring employees under the Denver Public Schools (DPS) benefit
structure is the greater of the:
Highest average salary multiplied by 2.5% and then multiplied by years of service credit.
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
Property/Workers'
Medical
Compensation
Total
Claims Liability June 30, 2020
3,699,400
$
2,694,552
$
6,393,952
$
Claims Incurred and Adjusted
33,749,975
1,151,603
34,901,578
Claims Payments
(32,861,775)
(1,351,415)
(34,213,190)
Claims Liability June 30, 2021
4,587,600
2,494,740
7,082,340
Claims Incurred and Adjusted
32,220,903
2,614,819
34,835,722
Claims Payments
(32,244,103)
(1,629,523)
(33,873,626)
Claims Liability June 30, 2022
4,564,400
$
3,480,036
$
8,044,436
$
70
NOTE 10:
PENSION PLAN (Continued)
Defined Benefit Pension Plan (Continued)
$15 times the first 10 years of service credit plus $20 times service credit over 10 years plus a
monthly amount equal to the annuitized member contribution account balance based on life
expectancy and other actuarial factors.
In all cases the service retirement benefit is limited to 100 percent of highest average salary and also cannot
exceed the maximum benefit allowed by federal Internal Revenue Code.
Members may elect to withdraw their member contribution accounts upon termination of employment with all
PERA employers; waiving rights to any lifetime retirement benefits earned. If eligible, the member may
receive a match of either 50 percent or 100 percent on eligible amounts depending on when contributions were
remitted to PERA, the date employment was terminated, whether five years of service credit has been obtained
and the benefit structure under which contributions were made.
Upon meeting certain criteria, benefit recipients who elect to receive a lifetime retirement benefit generally
receive post-retirement cost-of-living adjustments, referred to as annual increases in the C.R.S. Subject to the
automatic adjustment provision (AAP) under C.R.S. § 24-51-413, eligible benefit recipients under the PERA
benefit structure who began membership before January 1, 2007, and all eligible benefit recipients of the DPS
benefit structure will receive the maximum annual increase (AI) or AI cap of 1.00 percent unless adjusted by
the AAP.
Eligible benefit recipients under the PERA benefit structure who began membership on or after
January 1, 2007, will receive the lesser of an annual increase of the 1.00 percent AI cap or the average of the
Consumer Price Index for Urban Wage Earners and Clerical Workers for the prior calendar year, not to exceed
a determined increase that would exhaust 10 percent of PERA’s Annual Increase Reserve (AIR) for the
SCHDTF. The AAP may raise or lower the aforementioned AI by up to 0.25 percent based on the parameters
specified C.R.S. § 24-51-413.
Disability benefits are available for eligible employees once they reach five years of earned service credit and
are determined to meet the definition of disability. The disability benefit amount is based on the lifetime
retirement benefit formula(s) shown above considering a minimum 20 years of service credit, if deemed
disabled.
Survivor benefits are determined by several factors, which include the amount of earned service credit, highest
average salary of the deceased, the benefit structure(s) under which service credit was obtained, and the
qualified survivor(s) who will receive the benefits.
Contributions provisions as of June 30, 2022:
Eligible employees, the District, and the State are required to
contribute to the SCHDTF at a rate set by Colorado statute. The contribution requirements for the SCHDTF
are established under C.R.S. § 24-51-401,
et seq
. and § 24-51-413. Eligible employees are required to
contribute 10.50 percent of their PERA-includable salary during the period of July 1, 2021 through June 30,
2022. Employer contribution requirements are summarized in the table below:
**Contribution rates for the SCHDTF are expressed as a percentage of salary as defined in C.R.S. § 24-51-101(42).
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
July 1, 2021
through
June 30, 2022
Employer Contribution Rate
10.90%
Amount of Employer Contribution Apportioned to the Health Care Trust Fund as
specified in C.R.S. § 24-51-208(1)(f)
(1.02)%
Amount Apportioned to the SCHDTF
9.88%
Amortization Equalization Disbursement (AED) as specified in C.R.S. § 24-51-411
4.50%
Supplemental Amortization Equalization
Disbursement (SAED) as specified in C.R.S. § 24-51-411
5.50%
Total Employer Contribution Rate to the SCHDTF
19.88%
71
NOTE 10:
PENSION PLAN (Continued)
Defined Benefit Pension Plan (Continued)
Employer contributions are recognized by the SCHDTF in the period in which the compensation becomes
payable to the member and the District is statutorily committed to pay the contributions to the SCHDTF.
Employer contributions recognized by the SCHDTF from the District were $68.5 million for the year ended
June 30, 2022.
For purposes of GASB 68 paragraph 15, a circumstance exists in which a nonemployer contributing entity is
legally responsible for making contributions to the SCHDTF and is considered to meet the definition of a
special funding situation.
As specified in C.R.S. § 24-51-414, the State is required to contribute $225 million
(actual dollars) direct distribution each year to PERA starting on July 1, 2018. A portion of the direct
distribution payment is allocated to the SCHDTF based on the proportionate amount of annual payroll of the
SCHDTF to the total annual payroll of the SCHDTF, State Division Trust Fund, Judicial Division Trust Fund,
and Denver Public Schools Division Trust Fund. In addition to the $225 million (actual dollars) direct
distribution due July 1, 2022, House Bill (HB) 22-1029, instructs the State treasurer to issue a warrant to
PERA in the amount of $380 million (actual dollars), upon enactment, with reductions to future direct
distributions scheduled to occur July 1, 2023, and July 1, 2024.
Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of
Resources Related to Pensions
The net pension liability for the SCHDTF was measured as of December 31, 2021, and the total pension
liability (TPL) used to calculate the net pension liability was determined by an actuarial valuation as of
December 31, 2020. Standard update procedures were used to roll-forward the TPL to December 31, 2021.
The District’s proportion of the net pension liability was based on the District contributions to the SCHDTF
for the calendar year 2021 relative to the total contributions of participating employers and the State as a
nonemployer contributing entity.
At June 30, 2022, the District reported a liability of $636,750,686 for its proportionate share of the net pension
liability that reflected a reduction for support from the State as a nonemployer contributing entity. The amount
recognized by the District as its proportionate share of the net pension liability, the related support from the
State as a nonemployer contributing entity, and the total portion of the net pension liability that was associated
with the District were as follows:
At December 31, 2021, the District’s proportion was approximately 5.472 percent, which was a decrease of
approximately 0.721 percent from its proportion measured as of December 31, 2020.
For the year ended June 30, 2022, the District recognized pension income of $229,458,571 and revenue of
$7,793,183 for support from the State as a nonemployer contributing entity, the District reported deferred
outflows of
resources and deferred inflows of resources related to pensions from the following sources:
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
The District’s proportionate share of the
net pension liability
$636,750,686
The State’s proportionate share of the
net pension liability as a
nonemployer
contributing entity associated with the
District.
$72,995,332
Total
$709,746,018
72
NOTE 10:
PENSION PLAN (Continued)
Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of
Resources Related to Pensions (Continued)
$33,993,188 reported as deferred outflows of resources related to pensions, resulting from contributions
subsequent to the measurement date, will be recognized as a reduction of the net pension liability in the year
ended June 30, 2023. Other amounts reported as deferred outflows of resources and deferred inflows of
resources related to pensions will be recognized in pension expense as follows:
Actuarial Assumptions -
The TPL in the December 31, 2020 actuarial valuation was determined using the
following actuarial cost method, actuarial assumptions and other inputs:
(1)
Post-retirement benefit increases are provided by the AIR, accounted separately within each Division Trust Fund, and subject
to moneys being available; therefore, liabilities related to increases for members of these benefit tiers can never exceed available
assets.
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
Deferred Outflows
of Resources
Deferred Inflows
of Resources
Difference between expected and actual experience
$
24,377,368
$
-
Net difference between projected and actual earnings
on pension plan investments
-
239,399,238
Changes in proportion and differences between
contributions recognized and proportionate share of
contributions
45,578,457
94,340,736
Contributions subsequent to the measurement date
33,993,188
N/A
Total
$
152,560,173
$
333,739,974
Changes of assumptions or other inputs
48,611,160
-
Year ended June 30:
Effect of Deferred Inflows/
Outflows on Pension Expense
2023
$
(23,538,272)
2024
(92,363,884)
2025
(70,212,891)
2026
(29,057,942)
Total
$
(215,172,989)
Actuarial cost method
Entry age
Price inflation
2.30%
Real wage growth
0.70%
Wage inflation
3.00%
Salary increases, including wage inflation:
3.40% - 11.00%
Long-term investment rate of return, net of pension plan
investment expenses including price inflation
7.25%
Discount rate
7.25%
Post retirement benefit increases:
PERA benefit structure hired prior to January 1, 2007;
and DPS benefit structure (compounded annually)
PERA benefit structure hired after December 31, 2006
(1)
1.00%
Financed by the AIR
73
NOTE 10:
PENSION PLAN (Continued)
Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of
Resources Related to Pensions (Continued)
The TPL as of December 31, 2021, includes the anticipated adjustments to contribution rates and the AI cap,
resulting from the 2020 AAP assessment, statutorily recognized July 1, 2021, and effective July 1, 2022.
The mortality tables described below are generational mortality tables developed on a benefit-weighted basis.
Pre-retirement mortality assumptions were based upon the PubT-2010 Employee Table with generational
projection using scale MP-2019.
Post-retirement, nondisabled mortality assumptions were based on the Pub-T2010 Healthy Retiree Table,
adjusted as follows:
Post-retirement non-disabled beneficiary mortality assumptions were based upon the Pub-2010 Contingent
Survivor Table, adjusted as follows:
Disabled mortality assumptions were based upon the PubNS-2010 Disabled Retiree Table using 99 percent of
the rates for all ages with generational projection using scale MP-2019.
The actuarial assumptions used in the December 31, 2020, valuation were based on the results of the 2020
experience analysis for the period January 1, 2016, through December 31, 2019, and were reviewed and
adopted by the PERA Board at their November 20, 2020, meeting.
The long-term expected return on plan assets is reviewed as part of regular experience studies prepared every
four or five years for PERA. Recently, this assumption has been reviewed more frequently. The most recent
analyses were outlined in the Experience Study report dated October 28, 2020.
Several factors are considered in evaluating the long-term rate of return assumption, including long-term
historical data, estimates inherent in current market data, and a log-normal distribution analysis in which
best-estimate ranges of expected future real rates of return (expected return, net of investment expense and
inflation) were developed for each major asset class. These ranges were combined to produce the long-term
expected rate of return by weighting the expected future real rates of return by the target asset allocation
percentages and then adding expected inflation.
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
Males:
112% of the rates prior to age 80 and 94% of the rates for ages 80 and older, with genera-
tional projection using scale MP-2019.
Females:
83% of the rates prior to age 80 and 106% of the rates for ages 80 and older, with genera-
tional projection using scale MP-2019.
THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK
Males:
97% of the rates for all ages, with generational projection using scale MP-2019.
Females:
105% of the rates for all ages, with generational projection using scale MP-2019.
74
NOTE 10:
PENSION PLAN (Continued)
Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of
Resources Related to Pensions (Continued)
The PERA Board first adopted the 7.25 percent long-term expected rate of return as of November 18, 2016.
Following an asset/liability study, the Board reaffirmed the assumed rate of return at the Board's November 15,
2019, meeting, to be effective January 1, 2020. As of the most recent reaffirmation of the long-term rate of return,
the target asset allocation and best estimates of geometric real rates of return for each major asset class are
summarized in the table as follows:
Note: In setting the long-term expected rate of return, projections employed to model future returns provide a
range of expected long-term returns that, including expected inflation, ultimately support a long-term expected
nominal rate of return assumption of 7.25 percent.
Discount Rate:
The discount rate used to measure the TPL was 7.25 percent. The projection of cash flows used to
determine the discount rate applied the actuarial cost method and assumptions shown above. In addition, the
following methods and assumptions were used in the projection of cash flows:
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
Asset Class
Target Allocation
30 Year Expected
Geometric Real Rate
of Return
Global Equity
54.00%
5.60%
Fixed Income
23.00%
1.30%
Private Equity
8.50%
7.10%
Real Estate
8.50%
4.40%
Alternatives
6.00%
4.70%
Total
100.00%
Total covered payroll for the initial projection year consists of the covered payroll of the active
membership present on the valuation date and the covered payroll of future plan members assumed to be
hired during the year. In subsequent projection years, total covered payroll was assumed to increase
annually at a rate of 3.00 percent.
Employee contributions were assumed to be made at the member contribution rates in effect for each year,
including the scheduled increases in Senate Bill (SB) 18-200, required adjustments resulting from the 2018
AAP assessment, and the additional 0.50 percent resulting from the 2020 AAP assessment, statutorily
recognized July 1, 2021, and effective July 1, 2022. Employee contributions for future plan members were
used to reduce the estimated amount of total service costs for future plan members.
Employer contributions were assumed to be made at rates equal to the fixed statutory rates specified in law
for each year, including the scheduled increase in SB 18-200, required adjustments resulting from the 2018
AAP assessment, and the additional 0.50% resulting from the 2020 AAP assessment, statutorily
recognized July 1, 2021, and effective July 1, 2022. Employer contributions also include the current and
estimated future AED and SAED, until the actuarial value funding ratio reaches 103 percent, at which
point, the AED and SAED will each drop 0.50 percent every year until they are zero. Additionally,
estimated employer contributions reflect reductions for the funding of the AIR and retiree health care
benefits. For future plan members, employer contributions were further reduced by the estimated amount
of total service costs for future plan members not financed by their member contributions.
As specified in law, the State, as a nonemployer contributing entity, will provide an annual direct
distribution of $225 million (actual dollars), commencing July 1, 2018, that is proportioned between the
State, School, Judicial, and DPS Division Trust Funds based upon the covered payroll of each Division.
The annual direct distribution ceases when all Division Trust Funds are fully funded.
Employer contributions and the amount of total service costs for future plan members were based
upon a
process to estimate future actuarially determined contributions assuming an analogous future plan member
growth rate.
75
NOTE 10:
PENSION PLAN (Continued)
Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of
Resources Related to Pensions (Continued)
Based on the above assumptions and methods, the SCHDTF’s FNP was projected to be available to make all
projected future benefit payments of current members. Therefore, the long-term expected rate of return of 7.25
percent on pension plan investments was applied to all periods of projected benefit payments to determine the
TPL. The discount rate determination does not use the municipal bond index rate, and therefore, the discount
rate is 7.25 percent. There was no change in the discount rate from the prior measurement date.
Sensitivity of the District’s proportionate share of the net pension liability to changes in the discount rate -
The
following presents the proportionate share of the net pension liability calculated using the discount rate of 7.25
percent, as well as what the proportionate share of the net pension liability would be if it were calculated using a
discount rate that is one percentage-point lower (6.25 percent) or one percentage-point higher (8.25 percent) than
the current rate:
Pension Plan Fiduciary Net Position:
Detailed information about the SCHDTF’s FNP is available in PERA’s
ACFR, which can be obtained at
www.copera.org/investments/pera-financial-reports
.
Defined Contribution Pension Plan
Voluntary Investment Program
Plan Description
- Employees of the District that are also members of the SCHDTF may voluntarily
contribute to the Voluntary Investment Program, an Internal Revenue Code Section 401(k) defined contribution
plan administered by PERA. Title 24, Article 51, Part 14 of the C.R.S, as amended, assigns the authority to
establish the Plan provisions to the PERA Board of Trustees. PERA issues a publicly available ACFR which
includes additional information on the Voluntary Investment Program. That report can be obtained at
www.copera.org/investments/pera-financial-reports.
Funding Policy
- The Voluntary Investment Program is funded by voluntary member contributions up to the
maximum limits set by the Internal Revenue Service, as established under Title 24, Article 51, Section 1402 of
the C.R.S., as amended. Employees are immediately vested in their own contributions and investment
earnings. For the year ended June 30, 2022, program members contributed $8,582,510.
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
The AIR balance was excluded from the initial FNP, as, per statute, AIR amounts cannot be used to
pay benefits until transferred to either the retirement benefits reserve or the survivor benefits reserve, as
appropriate. AIR transfers to the FNP and the subsequent AIR benefit payments were estimated and
included in the projections.
The projected benefit payments reflect the lower AI cap, from 1.25 percent to 1.00 percent, resulting
from the 2020 AAP assessment, statutorily recognized July 1, 2021, and effective July 1, 2022.
Benefit payments and contributions were assumed to be made at the middle of the year.
1% Decrease
(6.25%)
Current Discount
Rate
(7.25%)
1% Increase
(8.25%)
Proportionate share of the net pension liability
$937,244,934
$636,750,686
$385,999,455
76
NOTE 11:
POST EMPLOYMENT BENEFITS OTHER THAN PENSIONS
Other Post Employment Benefits (OPEB)
Plan Description
- Eligible employees of the District are provided with OPEB through the Health Care Trust
Fund (HCTF) - a cost sharing multiple-employer defined benefit OPEB plan administered by PERA. The
HCTF is established under Title 24, Article 51, Part 12 of the Colorado Revised Statutes (C.R.S.), as amended
and sets forth a framework that grants authority to the PERA Board to contract, self-insure, and authorize
disbursements necessary in order to carry out the purposes of the PERACare program, including the
administration of the premium subsidies. Colorado State law provisions may be amended from time to time by
the Colorado General Assembly. PERA issues a publicly available
annual comprehensive financial report
(ACFR) that can be obtained at
www.copera.org/investments/pera-financial-reports.
Benefits Provided
- The HCTF provides a health care premium subsidy to eligible participating PERA benefit
recipients and retirees who choose to enroll in one of the PERA health care plans, however, the subsidy is not
available if only enrolled in the dental and/or vision plan(s). The health care premium subsidy is based upon
the benefit structure under which the member retires and the member’s years of service credit. For members
who retire having service credit with employers in the Denver Public Schools (DPS) Division and one or more
of the other four divisions (State, School, Local Government and Judicial), the premium subsidy is allocated
between the HCTF and the Denver Public Schools Health Care Trust Fund (DPS HCTF). The basis for the
amount of the premium subsidy funded by each trust fund is the percentage of the member contribution
account balance from each division as it relates to the total member contribution account balance from which
the retirement benefit is paid.
C.R.S. § 24-51-1202 et seq. specifies the eligibility for enrollment in the health care plans offered by PERA
and the amount of the premium subsidy. The law governing a benefit recipient’s eligibility for the subsidy and
the amount of the subsidy differs slightly depending under which benefit structure the benefits are calculated.
All benefit recipients under the PERA benefit structure and all retirees under the DPS benefit structure are
eligible for a premium subsidy, if enrolled in a health care plan under PERACare. Upon the death of a DPS
benefit structure retiree, no further subsidy is paid.
Enrollment in the PERACare is voluntary and is available to benefit recipients and their eligible dependents,
certain surviving spouses, and divorced spouses and guardians, among others. Eligible benefit recipients may
enroll into the program upon retirement, upon the occurrence of certain life events, or on an annual basis
during an open enrollment period.
PERA Benefit Structure
- The maximum service-based premium subsidy is $230 per month for benefit
recipients who are under 65 years of age and who are not entitled to Medicare; the maximum service-based
subsidy is $115 per month for benefit recipients who are 65 years of age or older or who are under 65 years of
age and entitled to Medicare. The maximum service-based subsidy, in each case, is for benefit recipients with
retirement benefits based on 20 or more years of service credit. There is a 5 percent reduction in the subsidy
for each year less than 20. The benefit recipient pays the remaining portion of the premium to the extent the
subsidy does not cover the entire amount.
For benefit recipients who have not participated in Social Security and who are not otherwise eligible for
premium-free Medicare Part A for hospital-related services, C.R.S. § 24-51-1206(4) provides an additional
subsidy. According to the statute, PERA cannot charge premiums to benefit recipients without Medicare Part
A that are greater than premiums charged to benefit recipients with Part A for the same plan option, coverage
level, and service credit. Currently, for each individual PERACare enrollee, the total premium for Medicare
coverage is determined assuming plan participants have both Medicare Part A and Part B and the difference in
premium cost is paid by the HCTF or the DPS HCTF on behalf of benefit recipients not covered by Medicare
Part A.
DPS Benefit Structure
- The maximum service-based premium subsidy is $230 per month for retirees who are
under 65 years of age and who are not entitled to Medicare; the maximum service-based subsidy is $115 per
month for retirees who are 65 years of age or older or who are under 65 years of age and entitled to Medicare.
The maximum service-based subsidy, in each case, is for retirees with retirement benefits based on 20 or more
years of service credit. There is a 5% reduction in the subsidy for each year less than 20. The retiree pays the
remaining portion of the premium to the extent the subsidy does not cover the entire amount.
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
77
NOTE 11:
POST EMPLOYMENT BENEFITS OTHER THAN PENSIONS
(Continued)
Other Post Employment Benefits (OPEB) (Continued)
For retirees who have not participated in Social Security and who are not otherwise eligible for premium-free
Medicare Part A for hospital-related services, the HCTF or the DPS HCTF pays an alternate service-based
premium subsidy. Each individual retiree meeting these conditions receives the maximum $230 per month
subsidy reduced appropriately for service less than 20 years, as described above. Retirees who do not have
Medicare Part A pay the difference between the total premium and the monthly subsidy.
Contributions
- Pursuant to Title 24, Article 51, Section 208(1)(f) of the C.R.S., as amended, certain
contributions are apportioned to the HCTF. PERA-affiliated employers of the State, School, Local
Government, and Judicial Divisions are required to contribute at a rate of 1.02 percent of PERA includable
salary into the HCTF.
Employer contributions are recognized by the HCTF in the period in which the compensation becomes
payable to the member and the District is statutorily committed to pay the contributions. Employer
contributions recognized by the HCTF from the District were $3,516,287 for the year ended June 30, 2022.
OPEB Liabilities, OPEB Expense, and Deferred Outflows of Resources and Deferred Inflows of
Resources related to OPEB
At June 30, 2022, the District reported a liability of $30,807,156
for its proportionate share of the net OPEB
liability. The net OPEB liability for the HCTF was measured as of December 31, 2021, and the total OPEB
liability (TOL) used to calculate the net OPEB liability was determined by an actuarial valuation as of
December 31, 2020. Standard update procedures were used to roll forward the total OPEB liability to
December 31, 2021. The District’s proportion of the net OPEB liability was based on the District’s
contributions to the HCTF for the calendar year 2021 relative to the total contributions of participating
employers to the HCTF.
At December 31, 2021, the District’s proportion was 3.573 percent, which was a decrease of approximately
0.01
percent from its proportion measured as of December 31, 2020.
For the year ended June 30, 2022, the District recognized OPEB income of $2,059,606. At June 30, 2022, the
District reported deferred outflows of resources and deferred inflows of resources related to OPEB from the
following sources:
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
Deferred Outflows
of Resources
Deferred Inflows
of Resources
Difference between expected and actual experience
$
46,945
$ 7,304,751
Changes of assumptions and other inputs
$
637,826
$ 1,671,108
Net difference between projected and actual earnings
on pension plan investments
-
$ 1,906,974
Changes in proportion and differences between
contributions recognized and proportionate share of
contributions
$
949,303
$ 2,277,954
Contributions subsequent to the measurement date
$ 1,754,839
-
Total
$ 3,388,913
$13,160,787
78
NOTE 11:
POST EMPLOYMENT BENEFITS OTHER THAN PENSIONS
(Continued)
OPEB Liabilities, OPEB Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources
Related to OPEB (Continued)
$1,754,839
reported as deferred outflows of resources related to OPEB resulting from contributions subsequent to
the measurement date will be recognized as a reduction of the net OPEB liability in the year ended June 30, 2023.
Other amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will
be recognized in OPEB expense as follows:
Actuarial Assumptions
- The
TOL in the December 31, 2020 actuarial valuation was determined using the
following actuarial cost method, actuarial assumptions and other inputs:
Calculations are based on the benefits provided under the terms of the substantive plan in effect at the time of each
actuarial valuation and on the pattern of sharing of costs between employers of each fund to that point.
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
June 30,
Effect of Deferred Inflows/
Outflows on OPEB Expense
2023
$
(3,074,574)
2024
(3,329,411)
2025
(2,966,386)
2026
(1,788,836)
2027
(325,303)
Thereafter
(42,203)
Total
$
(11,526,713)
School Division
Actuarial cost method
Entry age
Price inflation
2.30%
Real wage growth
0.70%
Wage inflation
3.00%
Salary increases, including wage inflation
Members other than State Troopers
3.40%-11.00%
State Troopers
N/A
Long-term investment rate of return, net of OPEB plan
investment expenses, including price inflation
7.25%
Discount rate
7.25%
Health care cost trend rates
PERA benefit structure:
Service-based premium subsidy
0.00%
PERACare Medicare plans
4.50% in 2021,
6.00% in 2022
gradually decreasing
to 4.50% in 2029
Medicare Part A premiums
3.75% in 2021,
gradually increasing
to 4.50% in 2029
DPS benefit structure:
Service-based premium subsidy
0.00%
PERACare Medicare plans
N/A
Medicare Part A premiums
N/A
79
NOTE 11:
POST EMPLOYMENT BENEFITS OTHER THAN PENSIONS
(Continued)
OPEB Liabilities, OPEB Expense, and Deferred Outflows of Resources and Deferred Inflows of
Resources Related to OPEB (Continued)
In determining the additional liability for PERACare enrollees who are age sixty–five or older and who are
not eligible for premium–free Medicare Part A in the December 31, 2020 valuation, the following monthly
costs/premiums (actual dollars) are assumed for 2021 for the PERA Benefit Structure:
The 2021 Medicare Part A premium is $471 (actual dollars) per month.
All costs are subject to the health care cost trend rates, as discussed below.
Health care cost trend rates reflect the change in per capita health costs over time due to factors such as
medical inflation, utilization, plan design, and technology improvements. For the PERA benefit structure,
health care cost trend rates are needed to project the future costs associated with providing benefits to those
PERACare enrollees not eligible for premium-free Medicare Part A.
Health care cost trend rates for the PERA benefit structure are based on published annual health care inflation
surveys in conjunction with actual plan experience (if credible), building block models and industry methods
developed by health plan actuaries and administrators. In addition, projected trends for the Federal Hospital
Insurance Trust Fund (Medicare Part A premiums) provided by the Centers for Medicare & Medicaid
Services as referenced in the development of these rates. Effective December 31, 2020 , the health care cost
trend rates for Medicare Part A premiums were revised to reflect the current expectation of future increases in
rates of inflation applicable to Medicare Part A premiums.
The PERA benefit structure health care cost trend rates that were used to measure the total OPEB liability are
summarized in the table below:
Mortality assumptions used in the December 31, 2020
valuation for the determination of the total pension
liability for each of the Division Trust Funds as shown below, reflect generational mortality and were
applied, as applicable, in the determination of the TOL for the HCTF, but developed using a headcount-
weighted basis.
Affiliated employers of the State, School, Local Government, and Judicial Divisions
participate in the HCTF.
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
Medicare Plan
Monthly Cost
Monthly Premium
Monthly Cost
Adjusted to Age 65
Medicare Advantage/Self-Insured Rx
$633
$230
$591
Kaiser Permanente Medicare
Advantage HMO
$596
$199
$562
Initial Costs for Members without Medicare Part A
Year
PERACare
Medicare Plans
Medicare Part A
Premiums
2021
4.50%
3.75 %
2022
6.00%
3.75%
2023
5.80%
4.00 %
2024
5.60%
4.00 %
2025
5.40%
4.00%
2026
5.10%
4.25 %
2027
4.90%
4.25 %
2028
4.70%
4.25%
2029+
4.50%
4.50 %
80
NOTE 11:
POST EMPLOYMENT BENEFITS OTHER THAN PENSIONS
(Continued)
OPEB Liabilities, OPEB Expense, and Deferred Outflows of Resources and Deferred Inflows of
Resources Related to OPEB (Continued)
Pre-retirement mortality assumptions for the State and Local Government Divisions (members other than State
Troopers) were based upon the PubG-2010 Employee Table with generational projection using scale
MP-2019.
Pre-retirement mortality assumptions for State Troopers were based upon the PubS-2010 Employee Table with
generational projection using scale MP-2019.
The pre-retirement mortality assumptions for the School Division were based upon the PubT-2010 Employee
Table with generational projection using scale MP-2019.
Pre-retirement mortality assumptions for the Judicial Division were based upon the PubG-2010(A) Above-
Median Employee Table with generational projection using scale MP-2019.
Post-retirement, non-disabled mortality assumptions for the State and Local Government Divisions (members
other than State Troopers) were based on the PubG-2010 Healthy retiree
Table, adjusted as follows:
Post-retirement non-disabled mortality assumptions for State Troopers were based upon the unadjusted
PubS-2010 Healthy Retiree Table, with generational projection using scale MP-2019.
Post-retirement non-disabled mortality assumptions for the School Division were based on the PubT-2010
Healthy Retiree Table, adjusted as follows:
.
Post-retirement non-disabled mortality assumptions for the Judicial Division were based upon the unadjusted
PubG-2010(A) Above-Median Healthy Retiree Table with generational projection using scale MP-2019.
Post-retirement non-disabled beneficiary mortality assumptions were based upon the Pub-2010 Contingent
Survivor Table, adjusted as follows:
Disabled mortality assumptions for members other than State Troopers were based upon the PubNS-2010
Disabled Retiree Table using 99% of the rates for all ages with generational projection using scale MP-2019.
Disabled mortality assumptions for State Troopers were based upon the unadjusted PubS-2010 Disabled
Retiree Table with generational projection using scale MP-2019.
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
Males:
94% of the rates prior to age 80 and 90% of the rates for ages 80 and older, with
generational projection using scale MP-2019.
Females:
87% of the rates prior to age 80 and 107% of the rates for ages 80 and older, with
generational projection using scale MP-2019.
Males:
112% of the rates prior to age 80 and 94% of the rates for ages 80 and older, with gen-
erational projection using scale MP-2019.
Females:
83% of the rates prior to age 80 and 106% of the rates for ages 80 and older, with
generational projection using scale MP-2019.
Males:
97% of the rates for all ages, with generational projection using scale MP-2019.
Females:
105% of the rates for all ages, with generational projection using scale MP-2019.
81
NOTE 11:
POST EMPLOYMENT BENEFITS OTHER THAN PENSIONS
(Continued)
OPEB Liabilities, OPEB Expense, and Deferred Outflows of Resources and Deferred Inflows of
Resources Related to OPEB (Continued)
The following health care costs assumptions were updated and used in the roll forward calculation for the
Trust Fund:
Actuarial assumptions pertaining to per capita health care costs and their related trend rates are analyzed
and updated annually by the Board’s actuary, as discussed above.
The actuarial assumptions used in the December 31, 2020, valuation were based on the results of the 2020
experience analysis for the period January 1, 2016, through December 31, 2019, and were reviewed and
adopted by the PERA Board at their November 20, 2020, meeting.
The long-term expected return on plan assets is reviewed as part of regular experience studies prepared every
four of five years for PERA. Recently, this assumption has been reviewed more frequently. The most recent
analyses were outlined the Experience Study report dated October 28, 2020.
Several factors were considered in evaluating the long-term rate of return assumption, including long-term
historical data, estimates inherent in current market data, and a log-normal distribution analysis in which best
estimate ranges of expected future real rates of return (expected return, net of investment expense and
inflation) were developed for each major asset class. These ranges were combined to produce the long-term
expected rate of return by weighting the expected future real rates of return by the target asset allocation
percentage and then adding expected inflation.
As of the most recent reaffirmation of the long-term rate of return, the target asset allocation and best
estimates of geometric real rates of return for each major asset class are summarized in the table as follows:
Note: In setting the long-term expected rate of return, projections employed to model future returns provide a
range of expected long-term returns that, including expected inflation, ultimately support a long-term
expected nominal rate of return assumption of 7.25 percent.
Sensitivity of the District’s proportionate share of the net OPEB liability to changes in the Health Care Cost
Trend Rates
- The following presents the net OPEB liability using the current health care cost trend rates
applicable to the PERA benefit structure, as well as if it were calculated using health care cost trend rates that
are one-percentage-point lower or one-percentage-point higher than the current rates:
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
Asset Class
Target Allocation
30 Year Expected
Geometric Real Rate
of Return
Global Equity
54.00%
5.60%
Fixed Income
23.00%
1.30%
Private Equity
8.50%
7.10%
Real Estate
8.50%
4.40%
Alternatives
6.00%
4.70%
Total
100.00%
Initial per capita health care costs for those PERACare enrollees under the PERA benefit structure
who are expected to attain age 65 and older ages and are not eligible for premium-free Medicare
Part A benefits were updated to reflect the change in costs for the 2021 plan year.
The health care cost trend rates for Medicare Part A premiums were revised to reflect the then-
current expectation of future increases in rates of inflation applicable to Medicare Part A premiums.
82
NOTE 11:
POST EMPLOYMENT BENEFITS OTHER THAN PENSIONS
(Continued)
OPEB Liabilities, OPEB Expense, and Deferred Outflows of Resources and Deferred Inflows of
Resources Related to OPEB (Continued)
Discount Rate
- The discount rate used to measure the TOL was 7.25 percent. The projection of cash flows
used to determine the discount rate applied the actuarial cost method and assumptions shown above. In
addition, the following methods and assumptions were used in the projection of cash flows:
Based on the above assumptions and methods, the projection test indicated the HCTF’s FNP was projected to
be available to make all projected future benefit payments of current members. Therefore, the long-term
expected rate of return of 7.25 percent on OPEB plan investments was applied to all periods of projected
benefit payments to determine the TOL. The discount rate determination does not use the municipal bond
index rate, and therefore, the discount rate is 7.25 percent. There was no change in the discount rate from the
prior measurement date.
Sensitivity of the District’s proportionate share of the net OPEB liability to changes in the discount rate
-
The
following presents the proportionate share of the net OPEB liability calculated using the discount rate of 7.25
percent, as well as what the proportionate share of the net OPEB liability would be if it were calculated using
a discount rate that is one-percentage-point lower (6.25 percent) or one-percentage-point higher (8.25 percent)
than the current rate:
Updated health care cost trend rates for Medicare Part A premiums as of the December 31, 2021,
measurement date.
Total covered payroll for the initial projection year consists of the covered payroll of the active
membership present on the valuation date and the covered payroll of future plan members assumed to be
hired during the year. In subsequent projection years, total covered payroll was assumed to increase
annually at a rate of 3.00 percent.
Employer contributions were assumed to be made at rates equal to the fixed statutory rates specified in
law and effective as of the measurement date.
Employer contributions and the amount of total services costs for future plan members were based upon
a process to estimate future actuarially determined contribution assuming an analogous future plan
member growth rate.
Estimated transfers of dollars into the HCTF representing a portion of purchase service agreements
intended to cover the costs associated with OPEB benefits.
Benefit payments an contributions were assumed to be made at the middle of the year.
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
1% Decrease in
Trend Rates
Current Trend
Rates
1% Increase in
Trend Rates
Initial PERACare Medicare Trend Rate
3.50 %
4.50 %
5.50 %
Ultimate PERACare Medicare Trend Rate
3.50%
4.50%
5.50%
Initial Medicare Part A Trend Rate
2.75 %
3.75 %
4.75 %
Ultimate Medicare Part A Trend Rate
3.50%
4.50%
5.50%
Net OPEB Liability
$29,922,460
$30,807,156
$31,832,007
83
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
NOTE 11:
POST EMPLOYMENT BENEFITS OTHER THAN PENSIONS
(Continued)
OPEB Liabilities, OPEB Expense, and Deferred Outflows of Resources and Deferred Inflows of
Resources Related to OPEB (Continued)
OPEB plan fiduciary net position -
Detailed information about the HCTF plan’s FNP is available in PERA’s
ACFR which can be obtained at
www.copera.org/investments/pera-financial-reports.
NOTE 12:
COMMITMENTS AND CONTINGENCIES
Claims and Judgments
The District participates in a number of federal and state programs that are fully or partially funded by grants
received from other governmental entities. Expenditures financed by grants are subject to audit by the
appropriate grantor government. If expenditures are disallowed due to noncompliance with grant program
regulations, the District may be required to reimburse the grantor government. As of June 30, 2022, varying
amounts of grant expenditures have not been audited by federal and state agencies, but the District believes
that disallowed expenditures, if any, based on subsequent audits, will not have a material effect on the overall
financial position of the District.
Committed Construction
At June 30, 2022, the District had contractual commitments for the construction of various major capital
projects and facilities of $15,339,355. Bonds, investment earnings, and general funds will provide funding for
these immediate future expenditures.
Litigation
The District is involved in various litigation matters in which the outcome cannot be predicted at this time.
TABOR Amendment
In November 1992, Colorado voters passed Article X, Section 20 (TABOR Amendment), to the State
Constitution which limits state and local government tax powers and imposes spending limitations. The
District is subject to the TABOR Amendment. Fiscal year 1993 provides the basis for limits in future years to
which may be applied allowable increases for inflation and student enrollment. In November 1998, voters
within the District authorized the District to collect, retain, and spend all District revenues received in 1998
and each year thereafter, notwithstanding the limitations of the TABOR Amendment. The TABOR
Amendment is subject to many interpretations, but the District believes it is in substantial compliance with
the Amendment.
The TABOR Amendment requires the District to establish a reserve of 3 percent for emergencies. At June 30,
2022, the District and charter school reserves of $17,561,600
and $5,286,335 respectively, were recorded as
a restricted fund balance in the Combined General Fund.
In addition to this TABOR Reserve, Board policy requires an additional 3 percent be held as a prudent
reserve providing evidence of financial stability and maintaining the high credit rating the District presently
enjoys. This policy also mandates a 1 percent contingency budget to be appropriated each year providing
readily available resources in the event of unforeseen circumstances.
1% Decrease
6.25%
Current Discount
Rate 7.25%
1% Increase
8.25%
Proportionate share of the net OPEB liability
$35,779,287
$30,807,156
$26,560,095
84
NOTE 13:
RESTATEMENT OF FUND BALANCE
The District is restating the beginning balance of Academy Charter School by $271,420. This amount
represents capital asset additions and capital contributions received in prior years which resulted in a
restatement of beginning net position.
See below for the impact of the prior period adjustment on
governmental activities.
NOTE 14:
SUBSEQUENT EVENTS
In August 2022, the District issued general obligation refunding bonds in the amount of $86,550,000 at an
interest rate of 2.07% for the purposes of refunding series 2012 and 2013 general obligation bonds. This
refunding was undertaken to reduce total debt service payments by $8,332,275 and a Net Present Value
savings of 7.63%.
The net proceeds of this refunding, plus an additional $965,866 from Bond Redemption Fund ending fund
balance, were deposited in an irrevocable trust with escrow agent to provide for all future debt service
payments on these general obligation bonds.
As a result, these bonds are defeased and the liability for these
bonds will be removed from the 2022-2023 government-wide statement of net position.
The advanced
refunding resulted in a difference between the reacquisition price and the net carrying amount of the old debt
of $3,691,244.
On September 2, 2022, the Colorado Educational and Cultural Facilities Authority issued Series 2022A and
Series 2022B totaling $11,825,000 to Global Village Academy to finance the discharge of the lease
forbearance arrears and purchase the property. The forbearance liability was discharged in full at that time.
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2022
THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK
Discretely Presented
Component Units
Beginning Net Position, as orginally reported
(200,432,946)
$
Correction of an Error
271,420
Beginning Net Position, as restated
(200,161,526)
$
85
REQUIRED
SUPPLEMENTARY
INFORMATION
86
See accompanying independent auditor’s report and note to required supplementary information
Adopted
Amended
Variance
Budget
Budget
Actual
with Budget
REVENUES
Taxes:
Local Property Taxes
276,939,007
$
288,353,571
$
290,661,411
$
2,307,840
$
Specific Ownership Taxes
26,964,666
31,369,085
31,147,922
(221,163)
Total Taxes
303,903,673
319,722,656
321,809,333
2,086,677
Intergovernmental State Funding:
State Equalization
327,565,817
321,754,777
321,796,077
41,300
Special Education
14,756,865
16,377,665
16,402,769
25,104
Vocational Education
783,558
723,514
720,773
(2,741)
Other
16,260,932
29,968,087
28,267,015
(1,701,072)
Total Intergovernmental State Funding
359,367,172
368,824,043
367,186,634
(1,637,409)
Other:
Investment Income
504,000
115,000
433,937
318,937
Charges for Services
21,436,894
20,755,952
23,216,916
2,460,964
Fundraisers and Donations
-
-
3,507,808
3,507,808
Other
12,865,729
22,211,369
9,973,902
(12,237,467)
Total Other
34,806,623
43,082,321
37,132,563
(5,949,758)
Total Revenues
698,077,468
731,629,020
726,128,530
(5,500,490)
EXPENDITURES
Current Operating:
Instructional Services
362,580,801
391,216,643
336,561,522
54,655,121
Funding to Component Units
154,309,700
159,859,059
160,011,621
(152,562)
Supporting Services:
Pupil Support Services
92,056,749
104,847,116
101,103,130
3,743,986
Operations and Maintenance
70,696,767
73,524,001
69,018,799
4,505,202
Central Supporting Services
33,618,846
34,195,496
31,766,150
2,429,346
Facility Acquisition and Construction
15,023,970
19,242,118
2,482,112
16,760,006
Debt Service - Leases
-
1,641,170
1,641,170
-
Total Expenditures
728,286,833
784,525,603
702,584,504
81,941,099
EXCESS OF REVENUES
(OVER) EXPENDITURES
(30,209,365)
(52,896,583)
23,544,026
76,440,609
OTHER FINANCING SOURCES (USES)
Transfers Out
(5,420,479)
(9,849,171)
(9,849,171)
-
Total Other Financing (Uses)
(5,420,479)
(9,849,171)
(9,849,171)
-
NET CHANGE IN FUND BALANCES
(35,629,844)
$
(62,745,754)
$
13,694,855
76,440,609
$
FUND BALANCE, Beginning
154,878,689
FUND BALANCE, Ending
168,573,544
$
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
Combined General Fund
Budgetary Comparison Schedule
For the Fiscal Year Ended June 30, 2022
2022
87
Adopted
Amended
Variance
Budget
Budget
Actual
with Budget
REVENUES
Intergovernmental:
Federal
31,064,251
$
27,087,861
$
25,679,053
$
(1,408,808)
$
State and Local
2,433,519
1,790,224
1,578,978
(211,246)
Other
390,743
463,879
343,007
(120,872)
Total Revenues
33,888,513
29,341,964
27,601,038
(1,740,926)
EXPENDITURES
Instructional:
Salaries and Benefits
14,331,623
13,463,276
13,527,987
(64,711)
Purchased Services
4,760,371
2,254,335
2,007,433
246,902
Supplies and Materials
10,272,998
1,061,992
929,233
132,759
Capital Outlay
85,676
46,255
38,015
8,240
Other
752,329
1,562,266
1,464,627
97,639
Support Services:
Salaries and Benefits
890,191
3,863,856
3,507,855
356,001
Purchased Services
1,188,440
3,371,720
2,895,229
476,491
Supplies and Materials
125,309
3,008,315
2,579,994
428,321
Capital Outlay
1,375,382
-
-
-
Other
106,194
709,949
650,665
59,284
Total Expenditures
33,888,513
29,341,964
27,601,038
1,740,926
NET CHANGE IN FUND BALANCE
-
$
-
$
-
-
$
FUND BALANCE, Beginning
-
FUND BALANCE, Ending
-
$
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
Fund 22
Governmental Designated Purpose Grants Fund
Budgetary Comparison Schedule
For the Fiscal Year Ended June 30, 2022
2022
See accompanying independent auditor’s report and note to required supplementary information
88
See accompanying independent auditor’s report and note to required supplementary information
2022
2021
2020
2019
2018
Contractually required contributions
68,533,136
$
65,079,443
$
66,079,687
$
62,073,862
$
57,670,732
$
Contributions in relation to the
contractually required contributions
68,533,136
65,079,443
66,079,687
62,073,862
57,670,732
Contribution deficiency (excess)
-
$
-
$
-
$
-
$
-
$
District's covered payroll
344,734,085
$
327,361,385
$
340,900,760
$
324,484,391
$
305,474,654
$
Contributions as a percentage of
covered payroll
19.88%
19.88%
19.38%
19.13%
18.88%
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
Defined Benefit Pension Plan Schedules
Schedule of the District's Contributions - PERA
For The Last Ten Years
Fiscal Year
89
2017
2016
2015
2014
2013
54,817,551
$
54,252,218
$
50,941,245
$
47,195,796
$
42,826,213
$
54,817,551
54,252,218
50,941,245
47,195,796
42,826,213
-
$
-
$
-
$
-
$
-
$
298,405,538
$
305,938,048
$
301,705,262
$
295,363,179
$
282,878,082
$
18.37%
17.73%
16.88%
15.98%
15.14%
See accompanying independent auditor’s report and note to required supplementary information
90
See accompanying independent auditor’s report and note to required supplementary information
2021
2020
2019
2018
District's proportion of the net pension liability
5.472%
6.193%
5.789%
5.605%
District's proportionate share of the net pension liability
636,750,686
$
936,328,834
$
864,936,787
$
992,546,522
$
State's proportionate share of the net pension liability
associated with the District
72,995,332
-
109,706,230
135,716,953
Total
709,746,018
$
936,328,834
$
974,643,017
$
1,128,263,475
$
District's covered
payroll
336,468,879
$
333,110,112
$
342,875,788
$
323,494,720
$
District's proportionate share of the net pension liability
189.25%
281.09%
252.26%
306.82%
as a percentage of its covered payroll
Plan fiduciary net position
74.86%
66.99%
64.52%
57.01%
as a percentage of the total pension liability
*
The amounts presented for each year were determined as of December 31, the measurement date used by the District.
Schedule is intended to include information for ten years. Additional information will be displayed as it becomes available.
Schedule of the District's Proportionate
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
Share of Net Pension Liability
Last Ten Years*
Defined Benefit Pension Plan Schedules
91
2017
2016
2015
2014
6.569%
6.525%
6.601%
6.666%
2,124,245,847
$
1,942,879,251
$
1,009,505,041
$
903,520,866
$
-
-
-
-
2,124,245,847
$
1,942,879,251
$
1,009,505,041
$
903,520,866
$
319,201,229
$
309,240,235
$
304,134,938
$
296,685,729
$
665.49%
628.28%
331.93%
304.54%
43.96%
43.13%
59.16%
62.84%
See accompanying independent auditor’s report and note to required supplementary information
92
See accompanying independent auditor’s report and note to required supplementary information
2022
2021
2020
2019
2018
Contractually required contributions
3,516,287
$
3,339,086
$
3,477,188
$
3,309,741
$
3,115,841
$
Contributions in relation to the
contractually required contributions
3,516,287
3,339,086
3,477,188
3,309,741
3,115,841
Contribution deficiency (excess)
-
$
-
$
-
$
-
$
-
$
District's covered payroll
344,734,085
$
327,361,385
$
340,900,760
$
324,484,391
$
305,474,654
$
Contributions as a percentage of
covered payroll
1.02%
1.02%
1.02%
1.02%
1.02%
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
Defined Benefit Pension Plan Schedules
Schedule of the District's Contributions - OPEB
For The Last Ten Years
Fiscal Year
93
2017
2016
2015
2014
2013
3,043,736
$
3,120,568
$
3,077,393
$
3,033,567
$
2,885,356
$
3,043,736
3,120,568
3,077,393
3,033,567
2,885,356
-
$
-
$
-
$
-
$
-
$
298,405,538
$
305,938,048
$
301,705,262
$
295,363,179
$
282,878,082
$
1.02%
1.02%
1.02%
1.02%
1.02%
See accompanying independent auditor’s report and note to required supplementary information
94
2021
2020
2019
2018
District's proportion of the OPEB liability
3.573%
3.583%
3.783%
3.643%
District's proportionate share of the net OPEB liability
30,807,156
$
34,048,351
$
42,529,387
$
49,571,265
$
District's covered payroll
336,468,879
$
333,110,112
$
342,875,788
$
323,494,720
$
District's proportionate share of the OPEB liability
9.16%
10.22%
12.40%
15.32%
as a percentage of its covered payroll
Plan fiduciary net position as a percentage of the total OPEB liability
39.40%
32.78%
24.49%
17.03%
*
The amounts presented for each year were determined as of December 31, the measurement date used by the District.
Schedule is intended to include information for ten years. Additional information will be displayed as it becomes available.
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
Schedule of the District's Proportionate
Share of OPEB Liability
Last Ten Years*
Defined Benefit Pension Plan Schedules
See accompanying independent auditor’s report and note to required supplementary information
95
2017
2016
3.732%
3.708%
$48,505,220
48,084,618
$
$319,201,229
309,240,235
$
15.20%
15.55%
17.53%
16.72%
See accompanying independent auditor’s report and note to required supplementary information
96
THIS PAGE INTENTIONALLY LEFT BLANK
97
SUPPLEMENTARY
INFORMATION
98
THIS PAGE INTENTIONALLY LEFT BLANK
99
Combined General Funds
Comparative Balance Sheets
Combining Balance Sheet
Combining Schedule of Revenues, Expenditures and
Changes in Fund Balances
Schedule of Expenditures by Object
Schedule of Expenditures by Program
Comparative Schedule of Revenues, Expenditures and
Changes in Fund Balance
100
2022
2021
ASSETS
Cash and Investments
209,935,452
$
172,021,577
$
Receivables:
Property Taxes, Net of Allowance for Uncollectible Taxes
11,089,389
10,720,762
Leases
1,035,453
-
Other
900,090
1,249,254
Due from Other Funds
2,439,714
1,541,718
Inventories
1,658,901
2,029,134
Prepaid Costs
819,171
767,909
Total Assets
227,878,170
$
188,330,354
$
LIABILITIES
Due to Other Funds
89,445
$
-
$
Accounts Payable
15,693,486
4,502,933
Accrued Compensation
38,950,241
24,643,822
Unearned Revenues
479,328
580,784
Total Liabilities
55,212,500
29,727,539
DEFERRED INFLOWS OF RESOURCES
Leases
1,000,330
-
Unavailable Revenue - Property Taxes
3,091,796
3,724,126
Total Deferred Inflows of Resources
4,092,126
3,724,126
FUND BALANCES
Nonspendable:
Inventories & Prepaid Costs
2,478,072
2,797,043
Restricted:
TABOR Emergency Reserve
17,561,600
15,865,400
Medicaid Grant
1,730,576
2,974,795
Committed:
3% Board Reserves
17,561,600
15,865,400
Assigned:
School Carryover
21,001,747
20,464,063
Enterprise Reserves for COVID
-
1,775,000
Extended Service Severance
77,054
95,803
Facility Use Revenue Share
822,343
1,085,761
Cash in Lieu
8,332,365
6,567,901
2018 Mill Levy Override Carryover
7,522,347
9,262,081
Security and Mental Health Initiatives
2,904,570
823,182
Master Capital Plan Projects in Process
542,137
4,608,340
Literacy Curricular Materials Reserve
2,250,000
-
Staff Compensation Reserve
10,000,000
-
Multi-Year Lease Reserve
4,178,498
-
Sub-fund Carryover
3,293,850
11,090,971
Unassigned
68,316,785
61,602,949
Total Fund Balances
168,573,544
154,878,689
Total Liabilities, Deferred Inflows
of Resources and Fund Balances
227,878,170
$
188,330,354
$
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
Comparative Balance Sheet
Combined General Fund
June 30, 2022 and 2021
101
General
Fund 10
Outdoor
Education
Fund 13
Capital Projects
Fund 14
Transportation
Fund 25
Combined
General
Fund
ASSETS
Cash and Investments
187,580,876
$
-
$
16,764,663
$
5,589,913
$
209,935,452
$
Receivables:
Property Taxes, Net of Allowance
for Uncollectible Taxes
11,089,389
-
-
-
11,089,389
Leases
1,035,453
-
-
-
1,035,453
Other
551,997
239,942
20,424
87,727
900,090
Due from Other Funds
2,439,714
-
-
-
2,439,714
Inventories
880,248
-
-
778,653
1,658,901
Prepaid Costs
819,171
-
-
-
819,171
Total Assets
204,396,848
$
239,942
$
16,785,087
$
6,456,293
$
227,878,170
$
LIABILITIES
Due to Other Funds
-
$
89,445
$
-
$
-
$
89,445
$
Accounts Payable
8,720,016
53,214
6,612,261
307,995
15,693,486
Accrued Compensation
38,386,346
24,449
-
539,446
38,950,241
Unearned Revenues
431,559
47,769
-
-
479,328
Total Liabilities
47,537,921
214,877
6,612,261
847,441
55,212,500
DEFERRED INFLOWS OF RESOURCES
Leases
1,000,330
-
-
-
1,000,330
Unavailable Revenues - Property Taxes
3,091,796
-
-
-
3,091,796
Total Deferred Inflows of Resources
4,092,126
-
-
-
4,092,126
FUND BALANCES
Nonspendable:
Inventories & Prepaid Costs
1,699,419
-
-
778,653
2,478,072
Restricted:
TABOR Emergency Reserve
17,561,600
-
-
-
17,561,600
Medicaid Grant
1,730,576
-
-
-
1,730,576
Committed:
3% Board Reserves
17,561,600
-
-
-
17,561,600
Assigned:
School Carryover
20,003,538
-
998,209
-
21,001,747
Extended Service Severance
77,054
-
-
-
77,054
Facility Use Revenue Share
822,343
-
-
-
822,343
Cash in Lieu
-
-
8,332,365
-
8,332,365
2018 Mill Levy Override Carryover
7,522,347
-
Mental Health and Security Initiatives
1,043,041
1,861,529
Master Capital Plan Projects in Process
-
-
542,137
-
542,137
Literacy Curricular Materials Reserve
2,250,000
-
Staff Compensation Reserve
10,000,000
-
Multi-Year Lease Reserve
4,178,498
-
Sub-fund Carryover
-
25,065
(1,561,414)
4,830,199
3,293,850
Unassigned
68,316,785
-
-
-
68,316,785
Total Fund Balances
152,766,801
25,065
10,172,826
5,608,852
168,573,544
Total Liabilites, Deferred Inflow
204,396,848
$
239,942
$
16,785,087
$
6,456,293
$
227,878,170
$
o
f
Resources, an
d
Fun
d
Ba
l
ances
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
Combined General Fund
Combining Balance Sheet
June 30, 2022
102
General
Fund 10
Outdoor
Education
Fund 13
Capital Projects
Fund 14
Transportation
Fund 25
Combined
General
Fund
REVENUES
Property Taxes
290,661,411
$
-
$
-
$
-
$
290,661,411
$
Specific Ownership Tax
31,147,922
-
-
-
31,147,922
Intergovernmental State Sources:
Equalization
321,796,077
-
-
-
321,796,077
Special Education
16,402,769
-
-
-
16,402,769
Vocational Education
720,773
-
-
-
720,773
Other State
23,204,266
-
-
5,062,749
28,267,015
Charges for Services
20,774,575
1,244,314
-
1,198,027
23,216,916
Contributions and Donations
2,614,791
761
87,900
804,356
3,507,808
Investment Earnings
433,937
-
-
-
433,937
Other
6,995,907
-
2,969,002
8,993
9,973,902
Total Revenues
714,752,428
1,245,075
3,056,902
7,074,125
726,128,530
EXPENDITURES
Current Operating:
Instructional Services
329,607,435
-
6,954,087
-
336,561,522
Funding to Charter Schools
160,011,621
-
-
-
160,011,621
Supporting Services:
Pupil Support Services
99,716,382
1,209,411
177,337
-
101,103,130
Operations and Maintenance
43,296,805
33,683
2,581,316
23,106,995
69,018,799
Central Supporting Services
31,101,746
-
664,404
-
31,766,150
Facility Acquisition and Construction
1,481,794
-
1,000,318
-
2,482,112
Debt Service - Lease
Principal
1,357,013
-
-
-
1,357,013
Interest
284,157
-
-
-
284,157
Total Expenditures
666,856,953
1,243,094
11,377,462
23,106,995
702,584,504
EXCESS (DEFICIENCY) OF
REVENUES OVER EXPENDITURES
47,895,475
1,981
(8,320,560)
(16,032,870)
23,544,026
OTHER FINANCING SOURCES (USES)
Proceeds from Sale of Capital Assets
-
-
-
-
-
Transfers In/Out
(26,098,153)
23,084
605,660
15,620,238
(9,849,171)
Total Other Financing Sources (Uses)
(26,098,153)
23,084
605,660
15,620,238
(9,849,171)
NET CHANGES IN FUND BALANCES
21,797,322
25,065
(7,714,900)
(412,632)
13,694,855
FUND BALANCES, Beginning
130,969,479
-
17,887,726
6,021,484
154,878,689
FUND BALANCES, Ending
152,766,801
$
25,065
$
10,172,826
$
5,608,852
$
168,573,544
$
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
Combining Schedule of Revenues, Expenditures and Changes in Fund Balances
For the Fiscal Year Ended June 30, 2022
Combined General Fund
103
Adopted
Amended
Variance
2021
Budget
Budget
Actual
with Budget
Actual
EXPENDITURES
Salaries
330,085,654
$
345,589,277
$
332,600,658
$
12,988,619
$
301,516,210
$
Employee Benefits
116,893,560
129,444,462
119,925,047
9,519,415
104,159,897
Purchased Professional Services
8,515,769
10,151,609
8,910,804
1,240,805
6,505,172
Purchased Property Services
10,951,539
12,847,619
12,233,870
613,749
10,271,052
Other Purchased Services
17,942,585
20,838,204
21,692,393
(854,189)
16,731,205
Supplies
78,694,912
79,345,024
33,784,523
45,560,501
24,391,216
Property & Equipment
8,905,040
24,025,645
11,674,529
12,351,116
3,119,186
Other, Chargebacks/Credits
1,988,074
2,424,704
1,751,059
673,645
1,729,149
Total Expenditures
573,977,133
624,666,544
542,572,883
82,093,661
468,423,087
Charter School Allocations
154,309,700
159,859,059
160,011,621
(152,562)
137,809,602
Interfund Transfers, net
7,521,631
9,849,171
9,849,171
-
7,541,301
Total Expenditures
735,808,464
$
794,374,774
$
712,433,675
$
81,941,099
$
613,773,990
$
2022
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
Schedule of Expenditures by Object - Budget to Actual
Combined General Fund
For the Fiscal Year Ended June 30, 2022
(With Comparative Actual Information for the Year Ended June 30, 2021)
Fiscal Year 2022 and 2021
Combined General Fund Expenditures by Object
104
Fiscal Year 2022 and 2021
Combined General Fund Expenditures by Program
Adopted
Amended
Variance
2021
Budget
Budget
Actual
with Budget
Actuals
EXPENDITURES
Instructional:
Instruction
362,580,801
$
391,216,643
$
336,561,522
$
54,655,121
$
288,288,113
$
Support - Students
34,890,704
43,000,842
37,410,968
5,589,874
35,306,873
Support - Instruction
18,651,891
22,692,171
23,173,182
(481,011)
16,851,041
Support Services:
Executive Admin Support
4,401,424
4,344,098
3,813,930
530,168
3,244,152
School Admin
38,514,154
39,154,103
40,518,980
(1,364,877)
37,276,450
General Admin
29,217,422
29,851,398
27,952,220
1,899,178
25,053,437
Operations & Maintenance
45,223,902
47,730,305
45,633,030
2,097,275
41,584,825
Transportation
25,472,865
25,793,696
23,385,769
2,407,927
19,150,943
Facility Acquisition and Construction
15,023,970
19,242,118
2,482,112
16,760,006
1,667,253
Debt Service
-
1,641,170
1,641,170
-
-
Total Expenditures
573,977,133
624,666,544
542,572,883
82,093,661
468,423,087
Charter School Allocations
154,309,700
159,859,059
160,011,621
(152,562)
137,809,602
Interfund Transfers, net (for
instructional programs)
4,512,918
5,930,398
5,930,398
-
3,875,219
Interfund Transfers, net (for
support programs)
3,008,713
3,918,773
3,918,773
-
3,666,082
Total Expenditures
735,808,464
$
794,374,774
$
712,433,675
$
81,941,099
$
613,773,990
$
2022
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
Schedule of Expenditures by Program - Budget to Actual
Combined General Funds
For the Fiscal Year Ended June 30, 2022
(With Comparative Actual Information for the Year Ended June 30, 2021)
Millions
105
2022
2021
REVENUES
Taxes
321,809,333
$
295,717,489
$
Intergovernmental:
State Equalization
321,796,077
293,808,622
Special Education
16,402,769
14,864,032
Vocational Education
720,773
770,460
Other State
28,267,015
18,813,183
Charges for Services
23,216,916
18,014,415
Contributions and Donations
3,507,808
2,501,587
Investment Earnings
433,937
114,766
Other
9,973,902
6,099,413
Total Revenues
726,128,530
650,703,967
EXPENDITURES
Current Operating:
Instructional Services
336,561,522
288,288,113
Charter School Allocations
160,011,621
137,809,602
Supporting Services:
Pupil Support Services
101,103,130
89,434,364
Operations and Maintenance
69,018,799
60,735,768
Central Supporting Services
31,766,150
28,297,589
Facility Acquisition and Construction
2,482,112
1,667,253
Debt Service - Leases
Principal
1,357,013
-
Interest
284,157
-
Total Expenditures
702,584,504
606,232,689
EXCESS OF REVENUES OVER EXPENDITURES
23,544,026
44,471,278
OTHER FINANCING SOURCES (USES)
Proceeds from Sale of Capital Assets
-
148,608
Transfers Out
(9,849,171)
(7,541,301)
Total Other Financing Sources (Uses)
(9,849,171)
(7,392,693)
NET CHANGES IN FUND BALANCES
13,694,855
37,078,585
FUND BALANCES, Beginning
154,878,689
117,800,104
FUND BALANCES, Ending
168,573,544
$
154,878,689
$
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
Comparative Schedule of Revenues, Expenditures and Changes in Fund Balance
For the Fiscal Years Ended June 30, 2022 and 2021
Combined General Funds
106
THIS PAGE INTENTIONALLY LEFT BLANK
107
Combining Balance Sheet
Combining Schedule of Revenues, Expenditures and
Changes in Fund Balances
Nutrition Services National School Lunch
Program (NSLP) Fund
Pupil Activity Fund
Athletics and Activities Fund
Nutrition Services Non-National School Lunch
Program (NSLP) Fund
Child Care Fund
Certificates of Participation Lease Payment Fund
Non-Major Governmental Funds
108
Nutrition
Nutrition
Pupil
Athletics and
Services
COP Lease
Total Non-Major
Services
Activity
Activities
Non-NSLP
Child Care
Payment
Governmental
Fund 21
Fund 23
Fund 26
Fund 28
Fund 29
Fund 39
Funds
ASSETS
Cash and Investments
7,533,689
$
1,239,213
$
3,462,248
$
351,903
$
5,793,711
$
2,842
$
18,383,606
$
Grants Receivable
2,810,499
-
-
-
-
-
2,810,499
-
-
4,432
-
-
-
4,432
Inventories
931,109
-
-
-
-
-
931,109
Total Assets
11,275,297
$
1,239,213
$
3,466,680
$
351,903
$
5,793,711
$
2,842
$
22,129,646
$
LIABILITIES
Accounts Payable
84,674
$
12,399
$
817,648
$
-
$
18,677
$
-
$
933,398
$
Accrued Compensation
218,637
2,814
121,206
-
461,790
-
804,447
Unearned Revenues
608,983
-
23,545
335,102
43,176
-
1,010,806
Grants Unearned Revenues
879,831
-
-
-
2,349,816
-
3,229,647
Total Liabilities
1,792,125
15,213
962,399
335,102
2,873,459
-
5,978,298
FUND BALANCES
Restricted
9,483,172
-
-
-
-
-
9,483,172
Assigned
-
1,224,000
2,504,281
16,801
2,920,252
2,842
6,668,176
Total Fund Balances
9,483,172
1,224,000
2,504,281
16,801
2,920,252
2,842
16,151,348
Total Liabilities and
Fund Balances
11,275,297
$
1,239,213
$
3,466,680
$
351,903
$
5,793,711
$
2,842
$
22,129,646
$
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
Non-Major Governmental Funds
Combining Balance Sheet
June 30, 2022
Accounts Receivable
109
Nutrition
Nutrition
Pupil
Athletics and
Services
COP Lease
Total Non-Major
Services
Activity
Activities
Non-NSLP
Child Care
Payment
Governmental
Fund 21
Fund 23
Fund 26
Fund 28
Fund 29
Fund 39
Funds
REVENUES
Intergovernmental
27,103,610
$
-
$
-
$
-
$
715,579
$
-
$
27,819,189
$
Charges for Services
4,862,607
1,020,378
9,458,980
-
9,275,482
-
24,617,447
Fundraisers and Donations
-
152,915
2,634,102
-
-
-
2,787,017
Other
69,011
-
109,247
-
762
156
179,176
Total Revenues
32,035,228
1,173,293
12,202,329
-
9,991,823
156
55,402,829
EXPENDITURES
Current Operating:
Instruction
-
1,031,846
13,446,898
-
9,225,627
-
23,704,371
Supporting Services
27,327,533
-
2,434,810
-
290,813
-
30,053,156
Lease Payments:
Principal Retirement
-
-
-
-
-
2,080,000
2,080,000
Interest and Fiscal Charges
-
-
-
-
-
559,968
559,968
Total Expenditures
27,327,533
1,031,846
15,881,708
-
9,516,440
2,639,968
56,397,495
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
4,707,695
141,447
(3,679,379)
-
475,383
(2,639,812)
(994,666)
OTHER FINANCING SOURCES
Payment to Refunded Escrow Agen
t
-
-
-
-
-
(12,218,034)
(12,218,034)
Proceeds from Sale of Capital Asset
s
5,468
-
-
-
-
-
5,468
Transfers In
445,352
-
4,395,546
-
2,262,045
2,746,228
9,849,171
Total Other Financing Sources
450,820
-
4,395,546
-
2,262,045
(9,471,806)
(2,363,395)
5,158,515
141,447
716,167
-
2,737,428
(12,111,618)
(3,358,061)
FUND BALANCES, Beginning
4,324,657
1,082,553
1,788,114
16,801
182,824
12,114,460
19,509,409
FUND BALANCES, Ending
9,483,172
$
1,224,000
$
2,504,281
$
16,801
$
2,920,252
$
2,842
$
16,151,348
$
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
Non-Major Governmental Funds
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
For the Fiscal Year Ended June 30, 2022
NET CHANGES IN FUND BALANCES
110
Adopted
Amended
Variance
2021
Budget
Budget
Actual
with Budget
Actual
REVENUES
Intergovernmental:
Federal Government Lunch Program
2,615,958
$
25,500,000
$
25,989,318
$
489,318
$
16,059,720
$
Commodity Contribution
895,670
978,018
1,015,326
37,308
790,413
State Match
155,000
98,966
98,966
-
99,403
Food Sales
10,030,300
5,122,000
4,862,607
(259,393)
2,150,842
Other
114,000
66,500
69,011
2,511
111,670
Total Revenues
13,810,928
31,765,484
32,035,228
269,744
19,212,048
EXPENDITURES
Supporting Services:
Food Purchases
5,062,196
11,526,118
11,541,603
(15,485)
6,789,929
Salaries and Benefits
6,972,536
12,231,142
11,387,366
843,776
8,568,517
Purchased Services
405,900
304,500
249,054
55,446
86,951
Supplies and Equipment
809,400
1,536,945
1,521,633
15,312
818,561
Capital Outlay
102,000
3,520,000
454,603
3,065,397
105,609
Other
810,530
2,183,878
2,173,274
10,604
74,050
Total Expenditures
14,162,562
31,302,583
27,327,533
3,975,050
16,443,617
EXCESS (DEFICIENCY) OF REVENUES
(351,634)
462,901
4,707,695
4,244,794
2,768,431
OVER EXPENDITURES
OTHER FINANCING SOURCES
Transfers In
351,634
445,352
445,352
-
445,352
Proceeds from Sale of Capital Assets
-
5,468
5,468
-
18,340
Total Other Financing Sources
351,634
450,820
450,820
-
463,692
NET CHANGE IN FUND BALANCE
-
$
913,721
$
5,158,515
4,244,794
$
3,232,123
FUND BALANCE, Beginning
4,324,657
1,092,534
FUND BALANCE, Ending
9,483,172
$
4,324,657
$
Nutrition Services Fund
2022
(With Comparative Actual Information for the Year Ended June 30, 2021)
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
Schedule of Revenues, Expenditures and Changes in Fund Balance
For the Fiscal Year Ended June 30, 2022
Fund 21
111
Adopted
Amended
Variance
2021
Budget
Budget
Actual
with Budget
Actual
REVENUES
Charges for Services:
Student Fees
710,580
$
1,210,510
$
887,570
$
(322,940)
$
227,857
$
Gate Fees
-
-
132,807
132,807
7,535
Merchandise Sales
-
-
-
-
70
Fundraising and Donations
-
-
152,915
152,915
111,597
Total Revenues
710,580
1,210,510
1,173,292
(37,218)
347,059
EXPENDITURES
Salaries and Benefits
70,110
70,110
112,636
(42,526)
45,034
Purchased Services
198,661
536,661
322,156
214,505
4,507
Supplies
1,628,179
1,660,898
539,498
1,121,400
299,970
Capital Outlay
6,613
6,613
26,448
(19,835)
6,085
Other
18,781
18,781
31,107
(12,326)
25,298
Total Expenditures
1,922,344
2,293,063
1,031,845
1,261,218
380,894
EXCESS (DEFICIENCY) OF REVENUE
(1,211,764)
(1,082,553)
141,447
1,224,000
(33,835)
OVER EXPENDITURES
NET CHANGE IN FUND BALANCE
(1,211,764)
$
(1,082,553)
$
141,447
1,224,000
$
(33,835)
FUND BALANCE, Beginning
1,082,553
1,116,388
FUND BALANCE, Ending
1,224,000
$
1,082,553
$
Pupil Activity Fund
2022
(With Comparative Actual Information for the Year Ended June 30, 2021)
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
Schedule of Revenues, Expenditures and Changes in Fund Balance
For the Fiscal Year Ended June 30, 2022
Fund 23
112
Adopted
Amended
Variance
2021
Budget
Budget
Actual
with Budget
Actual
REVENUES
Charges for Services:
Student Fees
3,739,409
$
3,739,409
$
3,532,316
$
(207,093)
$
2,427,792
$
Gate Fees
1,436,432
1,436,432
1,252,832
(183,600)
278,632
Merchandise Sales
4,105,528
4,105,528
4,673,832
568,304
3,021,286
Fundraising and Donations
1,602,696
1,602,696
2,634,102
1,031,406
1,322,108
Other
178,072
115,761
109,247
(6,514)
126,548
Total Revenues
11,062,137
10,999,826
12,202,329
1,202,503
7,176,366
EXPENDITURES
Instructional:
Salaries and Benefits
5,283,731
5,443,731
6,029,228
(585,497)
4,846,198
Purchased Services
2,267,799
2,286,593
3,446,354
(1,159,761)
1,601,468
Supplies
3,618,319
4,977,748
3,843,483
1,134,265
2,351,421
Capital Outlay
150,417
150,417
111,159
39,258
91,393
Other
396,932
396,932
16,674
380,258
27,809
Supporting Services:
Salaries and Benefits
613,868
613,868
479,783
134,085
316,350
Purchased Services
1,835,054
1,817,139
1,002,465
814,674
765,461
Supplies
1,823,633
897,916
593,872
304,044
356,165
Capital Outlay
170,214
241,874
248,599
(6,725)
165,010
Other
376,062
357,268
110,091
247,177
57,384
Total Expenditures
16,536,029
17,183,486
15,881,708
1,301,778
10,578,659
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
(5,473,892)
(6,183,660)
(3,679,379)
2,504,281
(3,402,293)
OTHER FINANCING SOURCES
Transfers In
4,156,918
4,395,546
4,395,546
-
4,091,523
(1,316,974)
$
(1,788,114)
$
716,167
2,504,281
$
689,230
FUND BALANCE, Beginning
1,788,114
1,098,884
FUND BALANCE, Ending
2,504,281
$
1,788,114
$
NET CHANGE IN FUND BALANCE
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
Fund 26
Athletics and Activities Fund
For the Fiscal Year Ended June 30, 2022
(With Comparative Actual Information for the Year Ended June 30, 2021)
2022
Schedule of Revenues, Expenditures and Changes in Fund Balance
113
Adopted
Amended
2021
Budget
Budget
Actual
REVENUES
Food Sales
6,727,155
$
-
$
-
$
-
$
248,891
$
Total Revenues
6,727,155
-
-
-
248,891
EXPENDITURES
Supporting Services:
Food Purchases
2,588,505
-
-
-
147,298
Salaries and Benefits
3,548,548
-
-
-
11,825
Purchased Services
432,100
-
-
-
50,227
Supplies and Equipment
176,000
-
-
-
128,608
Capital Outlay
48,000
-
-
-
11,938
Other
27,720
-
-
-
-
Total Expenditures
6,820,873
-
-
-
349,896
(DEFICIENCY) OF REVENUES
OVER EXPENDITURES
(93,718)
-
-
-
(101,005)
OTHER FINANCING SOURCES
Transfers In
93,718
-
-
-
-
Total Other Financing Sources
93,718
-
-
-
-
NET CHANGE IN FUND BALANCE
-
$
-
$
-
-
$
(101,005)
FUND BALANCE, Beginning
16,801
117,806
FUND BALANCE, Ending
16,801
$
16,801
$
Actual
Variance
with Budget
Nutrition Services Non-NSLP Fund
(With Comparative Actual Information for the Year Ended June 30, 2021)
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
Schedule of Revenues, Expenditures and Changes in Fund Balance
For the Fiscal Year Ended June 30, 2022
Fund 28
2022
114
Adopted
Amended
2021
Budget
Budget
Actual
REVENUES
Charges for Services
13,208,653
$
8,117,386
$
9,275,482
$
1,158,096
$
5,206,680
$
Intergovernmental State Funding
-
3,019,075
715,579
(2,303,496)
889,802
Other
-
-
762
762
58,594
Total Revenues
13,208,653
11,136,461
9,991,823
(1,144,638)
6,155,076
EXPENDITURES
Instructional:
Salaries and Benefits
8,411,783
8,749,407
7,704,220
1,045,187
6,903,981
Purchased Services
1,157,990
894,517
882,970
11,547
289,702
Supplies
633,726
409,782
209,506
200,276
122,903
Other
359,785
359,485
428,931
(69,446)
78,827
Supporting Services:
Salaries and Benefits
812,017
677,837
279,611
398,226
651,860
Purchased Services
19,000
8,253
7,739
514
5,307
Supplies
9,000
3,000
1,594
1,406
865
Other
2,500
266,735
1,869
264,866
134,049
Total Expenditures
11,405,801
11,369,016
9,516,440
1,852,576
8,187,494
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
1,802,852
(232,555)
475,383
707,938
(2,032,418)
OTHER FINANCING SOURCES
Transfers In
487,045
2,262,045
2,262,045
-
487,045
Total Other Financing Sources
487,045
2,262,045
2,262,045
-
487,045
NET CHANGE IN FUND BALANCE
2,289,897
$
2,029,490
$
2,737,428
707,938
$
(1,545,373)
FUND BALANCE, Beginning
182,824
1,728,197
FUND BALANCE, Ending
2,920,252
$
182,824
$
Actual
Variance
with Budget
Child Care Fund
(With Comparative Actual Information for the Year Ended June 30, 2021)
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
Schedule of Revenues, Expenditures and Changes in Fund Balance
For the Fiscal Year Ended June 30, 2022
Fund 29
2022
115
Adopted
Amended
Variance
2021
Budget
Budget
Actual
with Budget
Actual
REVENUES
Aspen View COP Lease Payment
-
$
-
$
-
$
-
$
882,641
$
Investment Earnings
-
-
156
156
228
Total Revenues
-
-
156
156
882,869
EXPENDITURES
Lease Payments:
Principal Retirement
2,078,700
2,080,000
2,080,000
-
2,580,000
Interest and Fiscal Charges
353,616
555,904
555,904
-
819,656
Other
6,750
6,750
4,064
2,686
4,750
Total Expenditures
2,439,066
2,642,654
2,639,968
2,686
3,404,406
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
(2,439,066)
(2,642,654)
(2,639,812)
2,842
(2,521,537)
OTHER FINANCING SOURCES
Proceeds from COP Refunding
-
-
-
-
12,098,083
Payment to Refunding Escrow Agent
-
(12,218,034)
(12,218,034)
-
-
Transfers In
2,432,316
2,746,228
2,746,228
-
2,517,381
Total Other Financing Sources
2,432,316
(9,471,806)
(9,471,806)
-
14,615,464
NET CHANGE IN FUND BALANCE
(6,750)
$
(12,114,460)
$
(12,111,618)
2,842
$
12,093,927
FUND BALANCE, Beginning
12,114,460
20,533
FUND BALANCE, Ending
2,842
$
12,114,460
$
2022
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
Fund 39
Schedule of Revenues, Expenditures and Changes in Fund Balance
For the Fiscal Year Ended June 30, 2022
(With Comparative Actual Information for the Year Ended June 30, 2021)
Certificates of Participation Lease Payment Fund
116
THIS PAGE INTENTIONALLY LEFT BLANK
117
Governmental Designated
Purpose Grant Fund
Comparative Balance Sheets
Schedule of Revenues, Expenditures and
Changes in Fund Balance
118
2022
2021
ASSETS
Grants Receivable
4,829,737
$
4,707,309
$
Total Assets
4,829,737
$
4,707,309
$
LIABILITIES
Due to Other Funds
2,350,269
$
1,541,718
$
Accounts Payable
688,486
1,512,740
Accrued Compensation
1,509,037
1,353,131
Unearned Revenues
281,945
299,720
Total Liabilities
4,829,737
4,707,309
FUND BALANCES
Restricted
-
-
Total Fund Balances
-
-
Total Liabilities and Fund Balances
4,829,737
$
4,707,309
$
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
Comparative Balance Sheets
Governmental Designated Purpose Grants Fund
June 30, 2022 and 2021
Fund 22
119
Adopted
Amended
Variance
2021
Budget
Budget
Actual
with Budget
Actual
REVENUES
Intergovernmental:
Federal
31,064,251
$
27,087,861
$
25,679,053
$
(1,408,808)
$
39,155,343
$
State and Local
2,433,519
1,790,224
1,578,978
(211,246)
2,244,840
Other
390,743
463,879
343,007
(120,872)
298,470
Total Revenues
33,888,513
29,341,964
27,601,038
(1,740,926)
41,698,653
EXPENDITURES
Instruction:
Salaries and Benefits
14,331,623
13,463,276
13,527,987
(64,711)
25,550,893
Purchased Services
4,760,371
2,254,335
2,007,433
246,902
1,835,124
Supplies and Materials
10,272,998
1,061,992
929,233
132,759
1,846,351
Capital Outlay
85,676
46,255
38,015
8,240
80,498
Other
752,329
1,562,266
1,464,627
97,639
252,201
Support Services:
Salaries and Benefits
890,191
3,863,856
3,507,855
356,001
3,631,934
Purchased Services
1,188,440
3,371,720
2,895,229
476,491
2,964,360
Supplies and Materials
125,309
3,008,315
2,579,994
428,321
3,635,975
Capital Outlay
1,375,382
-
-
-
1,351,441
Other
106,194
709,949
650,665
59,284
549,876
Total Expenditures
33,888,513
29,341,964
27,601,038
1,740,926
41,698,653
NET CHANGE IN FUND BALANCE
-
$
-
$
-
-
$
-
FUND BALANCE, Beginning
-
-
FUND BALANCE, Ending
-
$
-
$
2022
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
Fund 22
Schedule of Revenues, Expenditures and Changes in Fund Balance
For the Fiscal Year Ended June 30, 2022
Governmental Designated Purpose Grants Fund
(With Comparative Actual Information for the Year Ended June 30, 2021)
120
THIS PAGE INTENTIONALLY LEFT BLANK
121
Bond Redemption Fund
Comparative Balance Sheets
Schedule of Revenues, Expenditures and
Changes in Fund Balance
122
2022
2021
ASSETS
Receivables:
Property Taxes, Net of Allowance for Uncollectible Taxes
1,791,862
$
1,563,622
$
Accured Interest on Investments
162,192
12,246
Restricted Cash and Investment
62,063,081
70,937,724
Total Assets
64,017,135
$
72,513,592
$
DEFERRED INFLOWS OF RESOURCES
Unavailable - Property Taxes
536,493
$
700,104
$
FUND BALANCES
Restricted:
Debt Service
63,480,642
71,813,488
Total Fund Balances
63,480,642
71,813,488
Total Liabilities, Deferred Inflows of Resources
and Fund Balances
64,017,135
$
72,513,592
$
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
Comparative Balance Sheets
Bond Redemption Fund
June 30, 2022 and 2021
Fund 31
123
Adopted
Amended
Variance
2021
Budget
Budget
Actual
with Budget
Actual
REVENUES
Property Taxes
60,042,104
$
65,382,570
$
65,497,537
$
114,967
$
60,010,997
$
Investment Earnings
35,081
35,081
224,466
189,385
125,375
Total Revenues
60,077,185
65,417,651
65,722,003
304,352
60,136,372
EXPENDITURES
Debt Service:
Principal Retirement
36,635,000
55,360,000
55,360,000
-
35,465,000
Interest and Fiscal Charges
18,691,207
18,691,207
18,691,207
-
20,467,581
Other
5,500
7,000
3,642
3,358
3,500
Total Expenditures
55,331,707
74,058,207
74,054,849
3,358
55,936,081
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
4,745,478
(8,640,556)
(8,332,846)
307,710
4,200,291
NET CHANGE IN FUND BALANCE
4,745,478
$
(8,640,556)
$
(8,332,846)
307,710
$
4,200,291
FUND BALANCE, Beginning
71,813,488
67,613,197
FUND BALANCE, Ending
63,480,642
$
71,813,488
$
2022
(With Comparative Actual Information for the Year Ended June 30, 2021)
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
Bond Redemption Fund
For the Fiscal Year Ended June 30, 2022
Schedule of Revenues, Expenditures and Changes in Fund Balance
Fund 31
124
THIS PAGE INTENTIONALLY LEFT BLANK
125
Building Fund
Comparative Balance Sheets
Schedule of Revenues, Expenditures and
Changes in Fund Balance
126
2022
2021
ASSETS
Restricted Cash and Investments
47,965,266
$
138,874,181
$
Interest Receivable
199,785
812,251
Total Assets
48,165,051
$
139,686,432
$
LIABILITIES
Accounts Payable
6,371,220
$
26,583,092
$
Retainage Payable
1,168,899
3,152,477
Total Liabilities
7,540,119
29,735,569
FUND BALANCES
Restricted:
Building Expenditures
40,624,932
109,950,863
Total Fund Balances
40,624,932
109,950,863
Total Liabilities and Fund Balances
48,165,051
$
139,686,432
$
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
Building Fund
Comparative Balance Sheets
June 30, 2022 and 2021
Fund 41
127
Adopted
Amended
Variance
2021
Budget
Budget
Actual
with Budget
Actual
REVENUES
Investment Earnings (Loss)
1,659,548
$
1,659,548
$
(351,295)
$
(2,010,843)
$
446,925
$
Total Revenues
1,659,548
1,659,548
(351,295)
(2,010,843)
446,925
EXPENDITURES
Capital Outlay:
Building and Building Improvements
76,022,464
73,103,023
63,928,058
9,174,965
91,844,337
Equipment
3,050,266
8,214,182
5,046,578
3,167,604
10,498,590
Total Expenditures
79,072,730
81,317,205
68,974,636
12,342,569
102,342,927
EXCESS (DEFICIENCY) OF REVENUES
(77,413,182)
(79,657,657)
(69,325,931)
10,331,726
(101,896,002)
(77,413,182)
$
(79,657,657)
$
(69,325,931)
10,331,726
$
(101,896,002)
FUND BALANCE, Beginning
109,950,863
211,846,865
FUND BALANCE, Ending
40,624,932
$
109,950,863
$
NET CHANGE IN FUND BALANCE
OVER EXPENDITURES
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
Building Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance
For the Fiscal Year Ended June 30, 2022
(With Comparative Actual Information for the Year Ended June 30, 2021)
2022
Fund 41
128
THIS PAGE INTENTIONALLY LEFT BLANK
129
Internal Service Funds
Combining Balance Sheet
Combining Schedule of Revenues, Expenses and
Changes in Fund Net Position
Combining Statement of Cash Flows
Medical Fund
Short Term Disability Fund
130
Short Term
Total Internal
Medical
Disability
Service
Fund 65
Fund 66
Funds
ASSETS
Current Assets:
Cash and Investments
4,602,296
$
320,724
$
4,923,020
$
Prepaid Costs
866,549
103,000
969,549
Total Assets
5,468,845
$
423,724
$
5,892,569
$
LIABILITIES
Current Liabilities:
Accounts Payable
200,336
$
-
$
200,336
$
Accrued Insurance Claims
4,564,400
-
4,564,400
Total Current Liabilities
4,764,736
-
4,764,736
NET POSITION
Unrestricted
704,109
423,724
1,127,833
Total Net Position
704,109
423,724
1,127,833
Total Liabilities and Net Position
5,468,845
$
423,724
$
5,892,569
$
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
Internal Service Funds
Combining Balance Sheet
June 30, 2022
131
Short Term
Total Internal
Medical
Disability
Service
Fund 65
Fund 66
Funds
REVENUES
Premium Revenue
50,788,231
$
506,075
$
51,294,306
$
Other
9,490
-
9,490
Total Revenues
50,797,721
506,075
51,303,796
EXPENSES
Insurance and Claims
52,229,754
524,355
52,754,109
Stop Loss Premiums
710,887
-
710,887
Salaries and Benefits
42,180
-
42,180
Purchased Services
1,064,335
157,630
1,221,965
Supplies
28,816
-
28,816
Total Expenses
54,075,972
681,985
54,757,957
OPERATING
(LOSS)
(3,278,251)
(175,910)
(3,454,161)
NON-OPERATING REVENUES
Investment Earnings
12,940
-
12,940
Total Non-Operating Revenues
12,940
-
12,940
(3,265,311)
(175,910)
(3,441,221)
NET POSITION, Beginning
3,969,420
599,634
4,569,054
NET POSITION, Ending
704,109
$
423,724
$
1,127,833
$
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
Internal Service Funds
For the Fiscal Year Ended June 30, 2022
Combining Schedule of Revenues, Expenses and Changes in Fund Net Position
CHANGE IN NET POSITION
132
Short Term
Total Internal
Medical
Disability
Service
Fund 65
Fund 66
Funds
CASH FLOWS FROM OPERATING ACTIVITIES:
Receipts from Customers
52,940,259
$
506,075
$
53,446,334
$
Payments to Suppliers
(53,857,336)
(681,985)
(54,539,321)
Payments to Employees
(42,180)
-
(42,180)
Net Cash (Used by) Operating Activities
(959,257)
(175,910)
(1,135,167)
CASH FLOWS FROM INVESTING ACTIVITIES:
Earnings on Investments
12,940
-
12,940
NET (DECREASE) IN CASH AND CASH EQUIVALENTS
(946,317)
(175,910)
(1,122,227)
CASH AND CASH EQUIVALENTS, Beginning
5,548,613
496,634
6,045,247
CASH AND CASH EQUIVALENTS, Ending
4,602,296
$
320,724
$
4,923,020
$
RECONCILIATION OF OPERATING
INCOME TO NET
CASH (USED BY) PROVIDED TO OPERATING ACTIVITIES:
Operating (Loss)
(3,278,251)
$
(175,910)
$
(3,454,161)
$
Changes in Assets and Liabilities:
Change in Prepaid Costs
2,138,883
-
2,138,883
Change in Accounts Receivable
3,655
-
3,655
Change in Accounts Payable
199,656
-
199,656
Change in Accrued Insurance Claims
(23,200)
-
(23,200)
Total Adjustments
2,318,994
-
2,318,994
NET CASH (USED BY) OPERATING ACTIVITIES
(959,257)
$
(175,910)
$
(1,135,167)
$
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
Combining Statement of Cash Flows
Internal Service Funds
For the Fiscal Year Ended June 30, 2022
133
Adopted
Amended
2021
Budget
Budget
Actual
REVENUES
Health Revenue
51,586,909
$
50,586,909
$
47,592,054
$
(2,994,855)
$
50,624,110
$
Dental Revenue
3,667,831
3,667,831
3,196,177
(471,654)
3,305,586
Other
24,500
24,500
9,490
(15,010)
34,123
Total Revenues
55,279,240
54,279,240
50,797,721
(3,481,519)
53,963,819
EXPENSES
Health Plan
53,435,993
53,128,104
49,012,868
4,115,236
54,521,618
Dental Plan
3,279,609
3,279,609
3,216,886
62,723
2,953,829
Stop Loss Premiums
744,403
744,403
710,887
33,516
684,848
Salaries and Benefits
2,657,401
47,401
42,180
5,221
38,051
Purchased Services
1,025,540
1,025,540
1,064,335
(38,795)
943,321
Supplies
43,500
43,500
28,816
14,684
51,557
Total Expenses
61,186,446
58,268,557
54,075,972
4,192,585
59,193,224
OPERATING (LOSS)
(5,907,206)
(3,989,317)
(3,278,251)
711,066
(5,229,405)
NON-OPERATING
REVENUES
Investment Earnings
19,897
19,897
12,940
(6,957)
15,318
Total Non-Operating Revenues
19,897
19,897
12,940
(6,957)
15,318
(5,887,309)
$
(3,969,420)
$
(3,265,311)
704,109
$
(5,214,087)
NET POSITION, Beginning
3,969,420
9,183,507
NET POSITION, Ending
704,109
$
3,969,420
$
Internal Service Funds
Fund 65
2022
(With Comparative Actual Information for the Year Ended June 30, 2021)
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
CHANGE IN NET POSITION
Schedule of Revenues, Expenses and Changes in Fund Net Position
For the Fiscal Year Ended June 30, 2022
Actual
Medical Fund
Variance
with Budget
134
Adopted
Amended
2021
Budget
Budget
Actual
REVENUES
Short Term Disability Revenue
512,275
$
512,275
$
506,075
$
(6,200)
$
498,133
$
Total Revenues
512,275
512,275
506,075
(6,200)
498,133
EXPENSES
Claims
440,670
492,366
524,355
(31,989)
437,901
Purchased Services
190,000
190,000
157,630
32,370
165,204
Total Expenses
630,670
682,366
681,985
381
603,105
OPERATING (LOSS)
(118,395)
(170,091)
(175,910)
(5,819)
(104,972)
(118,395)
$
(170,091)
$
(175,910)
(5,819)
$
(104,972)
NET POSITION, Beginning
599,634
704,606
NET POSITION, Ending
423,724
$
599,634
$
Internal Service Funds
Fund 66
2022
(With Comparative Actual Information for the Year Ended June 30, 2021)
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
CHANGE IN NET POSITION
Schedule of Revenues, Expenses and Changes in Fund Net Position
For the Fiscal Year Ended June 30, 2022
Actual
Short Term Disability Fund
Variance
with Budget
135
Fiduciary Fund
Private Purpose Trust Scholarship Fund
136
Fiduciary Fund
Adopted
Amended
Variance
2021
Budget
Budget
Actual
with Budget
Actual
ADDITIONS
Contributions
48,000
$
48,000
$
48,000
$
-
$
56,617
$
Total Additions
48,000
48,000
48,000
-
56,617
DEDUCTIONS
Grants and Scholarships
60,000
56,750
56,750
-
52,000
Total Deductions
60,000
56,750
56,750
-
52,000
CHANGE IN NET POSITION
(12,000)
$
(8,750)
$
(8,750)
-
$
4,617
NET POSITION, Beginning
41,629
37,012
NET POSITION, Ending
32,879
$
41,629
$
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
2022
Fund 75
Schedule of Changes in Fiduciary Net Position - Budget to Actual
For the Fiscal Year Ended June 30, 2022
Private Purpose Trust Scholarship Fund
(With Comparative Actual Information for the Year Ended June 30, 2021)
137
Discretely Presented Component Units
(Charter Schools)
Combining Statement of Net Position
Combining Statement of Activities
Component Units
(Charter Schools)
Component units (Charter Schools) have separate governing boards but are dependent upon the District for the majority of their
funding. Charter Schools are responsible for their own audits.
138
Academy
Charter School
American
Academy
Aspen View
Academy
Ben Franklin
Academy
Charter
School
Challenge to
Excellence
Charter
School
ASSETS
Cash and Investments
5,631,390
$
9,185,336
$
3,701,143
$
7,752,226
$
3,243,181
$
Accounts Receivable
26,569
72,271
61,671
-
13,393
Inventories
-
-
9,975
-
-
Prepaid Costs & Other Assets
289,350
559,766
-
-
8,483
Deposits
-
-
-
-
-
Restricted Cash and Investments
606,292
4,335,389
11,316,739
1,924,294
6,301,675
Capital Assets, Not Being Depreciated
1,435,046
3,657,167
17,095,277
-
1,603,455
Capital Assets, Net of Accumulated
Depreciation
4,636,841
43,991,762
11,965,499
16,860,440
2,501,635
Total Assets
12,625,488
61,801,691
44,150,304
26,536,960
13,671,822
DEFERRED OUTFLOWS OF RESOURCES
Related to Pensions
1,685,196
8,371,924
2,860,051
2,177,968
1,220,952
Related to OPEB
27,378
310,274
71,525
48,048
32,890
Loss on Debt Refunding
360,231
916,306
-
-
73,243
Total Deferred Outflows of Resources
2,072,805
9,598,504
2,931,576
2,226,016
1,327,085
LIABILITIES
Accounts Payable
12,582
428,668
2,189,239
119,788
143,766
Accrued Liabilities
-
-
497,644
393,265
2,310
Accrued Compensation
287,438
661,600
-
641,169
204,657
Accrued Interest Payable
8,244
228,071
116,546
382,950
8,624
Unearned Revenues
-
175,570
-
11,215
-
Non-Current Liabilities:
-
Due Within One Year
269,408
445,149
575,000
544,417
5,009,927
Due in More Than One Year
5,081,711
63,566,741
37,819,712
20,785,847
6,313,148
Pension Liability
5,770,508
25,347,740
8,828,094
7,557,414
4,573,470
OPEB Liability
279,179
1,226,329
427,107
365,630
221,266
Total Liabilities
11,709,070
92,079,868
50,453,342
30,801,695
16,477,168
DEFERRED INFLOWS OF RESOURCES
Related to Pension
3,475,927
12,682,486
4,652,401
3,208,976
2,105,370
Related to OPEB
125,186
958,008
151,373
150,683
93,216
Total Deferred Inflows of Resources
3,601,113
13,640,494
4,803,774
3,359,659
2,198,586
NET POSITION
Net Investment in Capital Assets
1,527,748
6,374,765
(9,333,936)
(4,469,824)
(7,217,985)
Restricted for:
Emergencies
206,500
900,000
305,360
275,194
173,100
Debt Service, Repairs
598,048
4,335,389
-
1,541,344
6,293,051
Capital Projects
-
-
-
-
-
Unrestricted
(2,944,186)
(45,930,321)
853,340
(2,745,092)
(2,925,013)
Total Net Position
(611,890)
$
(34,320,167)
$
(8,175,236)
$
(5,398,378)
$
(3,676,847)
$
DOUGLAS COUNTY SCHOOL DISTRICT RE1
Discretely Presented Component Units
Combining Statement of Net Position
June 30, 2022
139
DCS
Montessori
Charter School
Global Village
Academy
Hope Online
Learning
Academy Co-Op
Leman
Classical
Academy
North Star
Academy
ASSETS
Cash and Investments
2,127,487
$
490,824
$
2,168,973
$
5,483,678
$
3,348,344
$
Accounts Receivable
13,891
64,845
649,624
20,840
34,048
Inventories
-
-
-
-
Prepaid Costs & Other Assets
68,365
-
396,833
-
33,603
Deposits
-
11,200
132,671
-
-
Restricted Cash and Investments
1,124,832
-
623,060
3,158,450
1,366,658
Capital Assets, Not Being Depreciated
520,065
-
181,788
2,109,522
489,207
Capital Assets, Net of Accumulated
Depreciation
5,300,507
87,542
1,960,622
26,261,723
6,519,825
Total Assets
9,155,147
654,411
6,113,571
37,034,213
11,791,685
DEFERRED OUTFLOWS OF RESOURCES
Related to Pensions
1,145,565
842,604
1,056,270
2,820,476
1,740,931
Related to OPEB
33,943
56,960
25,448
215,752
65,285
Loss on Debt Refunding
278,541
-
-
-
1,768,408
Total Deferred Outflows of Resources
1,458,049
899,564
1,081,718
3,036,228
3,574,624
LIABILITIES
Accounts Payable
30,518
79,968
1,427,585
68,643
1,215
Accrued Liabilities
-
-
86,970
-
-
Accrued Compensation
174,644
128,776
-
285,636
350,875
Accrued Interest Payable
168,100
82,384
-
828,269
76,442
Unearned Revenues
116,566
-
-
-
-
Non-Current Liabilities:
Due Within One Year
315,000
1,616,281
419,665
-
445,610
Due in More Than One Year
6,642,834
-
1,802,000
34,169,517
10,921,783
Pension Liability
4,989,770
3,021,940
5,981,791
5,325,689
6,615,357
OPEB Liability
241,406
146,214
289,401
257,658
320,053
Total Liabilities
12,678,838
5,075,563
10,007,412
40,935,412
18,731,335
DEFERRED INFLOWS OF RESOURCES
Related to Pension
2,340,014
1,216,816
5,857,935
2,002,300
3,340,763
Related to OPEB
102,267
53,149
1,166,253
91,019
121,040
Total Deferred Inflows of Resources
2,442,281
1,269,965
7,024,188
2,093,319
3,461,803
NET POSITION
Net Investment in Capital Assets
(858,721)
87,542
(79,255)
(5,499,924)
(2,617,430)
Restricted for:
Emergencies
177,117
123,864
623,060
315,000
214,000
Debt Service, Repairs
1,235,273
-
-
1,966,188
1,290,216
Capital Projects
-
-
-
-
-
Unrestricted
(5,061,592)
(5,002,959)
(10,380,116)
260,446
(5,713,615)
Total Net Position
(4,507,923)
$
(4,791,553)
$
(9,836,311)
$
(2,958,290)
$
(6,826,829)
$
DOUGLAS COUNTY SCHOOL DISTRICT RE1
Discretely Presented Component Units (Continued)
Combining Statement of Net Position
June 30, 2022
140
Parker Core
Knowledge
Parker
Performing
Arts
Platte River
Academy
Renaissance
Secondary
School
SkyView
Academy
Charter
School
ASSETS
Cash and Investments
4,522,787
$
1,907,293
$
2,341,649
$
943,917
$
5,426,790
$
Accounts Receivable
18,406
74,217
174,052
37,251
97,684
Inventories
-
-
-
-
-
Prepaid Costs & Other Assets
88,171
8,246
-
23,994
88,512
Deposits
8,995
-
-
-
-
Restricted Cash and Investments
304,358
231,125
518,099
1,118,201
3,318,047
Capital Assets, Not Being Depreciated
646,135
-
553,332
-
3,534,756
Capital Assets, Net of Accumulated
Depreciation
7,815,887
17,100,940
3,118,657
9,586,958
17,063,498
Total Assets
13,404,739
19,321,821
6,705,789
11,710,321
29,529,287
DEFERRED OUTFLOWS OF RESOURCES
Related to Pensions
2,228,686
1,679,657
1,691,303
1,205,945
3,743,251
Related to OPEB
48,954
48,029
40,163
104,895
82,738
Loss on Debt Refunding
385,398
-
730,165
-
-
Total Deferred Outflows of Resources
2,663,038
1,727,686
2,461,631
1,310,840
3,825,989
LIABILITIES
Accounts Payable
284,424
83,664
9,822
24,093
495
Accrued Liabilities
232,016
-
-
-
-
Accrued Compensation
-
356,012
453,679
173,140
585,469
Accrued Interest Payable
24,512
44,135
76,900
55,963
715,263
Unearned Revenues
28,579
53,737
4,650
3,658
84
Non-Current Liabilities:
Due Within One Year
227,177
-
150,000
12,210,000
528,712
Due in More Than One Year
8,201,693
19,486,660
5,558,624
-
26,796,136
Pension Liability
7,625,604
6,151,438
5,539,545
3,238,133
12,433,729
OPEB Liability
368,928
297,608
267,971
156,664
601,548
Total Liabilities
16,992,933
26,473,254
12,061,191
15,861,651
41,661,436
DEFERRED INFLOWS OF RESOURCES
Related to Pension
3,796,917
3,257,896
3,209,552
1,581,083
7,880,129
Related to OPEB
132,319
127,469
104,908
59,932
241,648
Total Deferred Inflows of Resources
3,929,236
3,385,365
3,314,460
1,641,015
8,121,777
NET POSITION
Net Investment in Capital Assets
418,550
(2,385,720)
(1,288,231)
(1,504,841)
(6,471,746)
Restricted for:
Emergencies
264,000
224,200
175,952
112,800
398,088
Debt Service, Repairs
279,846
231,125
518,099
-
2,602,784
Capital Projects
250,000
-
-
-
-
Unrestricted
(6,066,788)
(6,878,717)
(5,614,051)
(3,089,464)
(12,957,063)
Total Net Position
(4,854,392)
$
(8,809,112)
$
(6,208,231)
$
(4,481,505)
$
(16,427,937)
DOUGLAS COUNTY SCHOOL DISTRICT RE1
Discretely Presented Component Units (Continued)
Combining Statement of Net Position
June 30, 2022
141
STEM School
World
Compass
Academy
Totals
ASSETS
Cash and Investments
13,426,170
$
2,601,773
$
74,302,961
$
Accounts Receivable
111,443
137,195
1,607,400
Inventories
-
-
9,975
Prepaid Costs & Other Assets
59,656
116,084
1,741,063
Deposits
-
-
152,866
Restricted Cash and Investments
11,603,315
2,222,004
50,072,538
Capital Assets, Not Being Depreciated
2,370,970
2,009,863
36,206,583
Capital Assets, Net of Accumulated
Depreciation
22,451,954
15,592,499
212,816,789
Total Assets
50,023,508
22,679,418
376,910,175
DEFERRED OUTFLOWS OF RESOURCES
Related to Pensions
5,073,609
1,904,818
41,449,206
Related to OPEB
124,220
69,526
1,406,028
Loss on Debt Refunding
-
-
4,512,292
Total Deferred Outflows of Resources
5,197,829
1,974,344
47,367,526
LIABILITIES
Accounts Payable
2,907,577
75,076
7,887,123
Accrued Liabilities
391,765
119,560
1,723,530
Accrued Compensation
538,046
-
4,841,141
Accrued Interest Payable
318,995
310,827
3,446,225
Unearned Revenues
-
254,668
648,727
Non-Current Liabilities:
Due Within One Year
340,000
322,500
23,418,846
Due in More Than One Year
37,155,195
22,587,500
306,889,101
Pension Liability
15,631,288
6,031,700
134,663,210
OPEB Liability
756,243
291,815
6,515,020
Total Liabilities
58,039,109
29,993,646
490,032,923
DEFERRED INFLOWS OF RESOURCES
Related to Pension
8,449,146
2,708,480
71,766,191
Related to OPEB
291,026
109,118
4,078,614
Total Deferred Inflows of Resources
8,740,172
2,817,598
75,844,805
NET POSITION
Net Investment in Capital Assets
(12,672,271)
(5,307,638)
(51,298,917)
Restricted for:
Emergencies
575,000
223,100
5,286,335
Debt Service, Repairs
11,574,337
1,911,177
34,376,877
Capital Projects
-
-
250,000
Unrestricted
(11,035,010)
(4,984,121)
(130,214,322)
Total Net Position
(11,557,944)
$
(8,157,482)
$
(141,600,027)
DOUGLAS COUNTY SCHOOL DISTRICT RE1
Discretely Presented Component Units (Continued)
Combining Statement of Net Position
June 30, 2022
142
Functions/Programs
Academy
Charter School
American
Academy
Aspen View
Academy
Ben Franklin
Academy
EXPENSES
Instruction
2,153,050
$
8,494,541
$
3,534,020
$
1,973,409
$
Supporting Services
1,522,950
7,138,581
3,414,604
4,338,489
Interest on Long-Term Debt
201,767
2,284,888
991,511
825,102
Business Type Activities
-
15
176,906
-
Total Expenses
3,877,767
17,918,025
8,117,041
7,137,000
PROGRAM REVENUES
Charges for Services
138,648
2,920,247
826,883
627,743
Capital Grants and Contributions
197,841
-
270,188
-
Operating Grants and Contributions
214,690
(571,682)
344,217
(47,833)
Total Program Revenues
551,179
2,348,565
1,441,288
579,910
Net Program Expenses
(3,326,588)
(15,569,460)
(6,675,753)
(6,557,090)
GENERAL REVENUES
Per Pupil Operating Revenue
5,704,718
21,934,618
7,995,576
7,691,436
Mill Levy
794,338
3,056,991
1,115,340
1,073,461
Capital Construction
-
766,951
-
266,617
Investment Earnings
13,068
29,366
-
12,935
Contributions and Grants
-
691,232
198,987
5,488
Other
85,238
780,052
271,635
1,157,182
Total General Revenues and Transfers
6,597,362
27,259,210
9,581,538
10,207,119
CHANGE IN NET POSITION
3,270,774
11,689,750
2,905,785
3,650,029
NET POSITION, Beginning, as restated
(3,882,664)
(46,009,917)
(11,081,021)
(9,048,407)
NET POSITION, Ending
(611,890)
$
(34,320,167)
$
(8,175,236)
$
(5,398,378)
$
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
Discretely Presented Component Units
Combining Statement of Activities
For the Fiscal Year Ended June 30, 2022
143
Functions/Programs
Challenge to
Excellence
Charter School
DCS
Montessori
Charter School
Global Village
Academy
Hope Online
Learning
Academy Co-Op
EXPENSES
Instruction
881,339
$
1,775,414
$
1,403,629
$
15,237,250
$
Supporting Services
2,020,533
2,110,791
2,066,872
558,247
Interest on Long-Term Debt
469,335
367,122
46,351
87,750
Business Type Activities
-
-
-
320,869
Total Expenses
3,371,207
4,253,327
3,516,852
16,204,116
PROGRAM REVENUES
Charges for Services
234,878
2,095,837
59,100
Capital Grants and Contributions
-
-
114,328
Operating Grants and Contributions
61,352
(19,887)
262,646
2,230,738
Total Program Revenues
296,230
2,075,950
436,074
2,230,738
Net Program Expenses
(3,074,977)
(2,177,377)
(3,080,778)
(13,973,378)
GENERAL REVENUES
Per Pupil Operating Revenue
4,653,931
3,773,166
3,273,333
18,869,689
Mill Levy
641,620
525,289
459,328
-
Capital Construction
185,047
129,512
-
-
Investment Earnings
7,460
(1,032)
-
2,862
Contributions and Grants
-
284,066
-
-
Other
500
25,709
8,491
-
Total General Revenues and Transfers
5,488,558
4,736,710
3,741,152
18,872,551
CHANGE IN NET POSITION
2,413,581
2,559,333
660,374
4,899,173
NET POSITION, Beginning, as restated
(6,090,428)
(7,067,256)
(5,451,927)
(14,735,484)
NET POSITION, Ending
(3,676,847)
$
(4,507,923)
$
(4,791,553)
$
(9,836,311)
$
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
Non-Major Discretely Presented Component Units (Continued)
Combining Statement of Activities
For the Fiscal Year Ended June 30, 2022
144
Functions/Programs
Leman Academy
of Excellence
North Star
Academy
Parker Core
Knowledge
Parker
Performing
Arts
Platte River
Academy
EXPENSES
Instruction
4,793,310
$
3,123,102
$
2,587,364
$
749,076
$
2,792,778
$
Supporting Services
5,222,346
2,002,560
2,717,081
2,407,647
1,209,486
Interest on Long-Term Debt
-
564,148
397,975
1,379,488
290,777
Business Type Activities
1,748,871
27,795
-
-
-
Total Expenses
11,764,527
5,717,605
5,702,420
4,536,211
4,293,041
PROGRAM REVENUES
Charges for Services
1,882,293
1,221,966
1,138,624
295,863
510,501
Capital Grants and Contributions
462,144
194,566
-
-
-
Operating Grants and Contributions
(55,751)
(39,706)
390,344
(6,467)
(67,829)
Total Program Revenues
2,288,686
1,376,826
1,528,968
289,396
442,672
Net Program Expenses
(9,475,841)
(4,340,779)
(4,173,452)
(4,246,815)
(3,850,369)
GENERAL REVENUES
Per Pupil Operating Revenue
8,566,902
5,613,210
6,028,677
5,744,292
4,347,886
Mill Levy
1,202,145
787,670
843,101
787,934
608,520
Capital Construction
-
-
209,006
197,097
151,395
Investment Earnings
-
7,929
9,178
-
(61,442)
Contributions and Grants
-
177,282
293,258
339,019
146,199
Other
61,408
5,735
598,597
127,547
22,076
Total General Revenues and Transfers
9,830,455
6,591,826
7,981,817
7,195,889
5,214,634
CHANGE IN NET POSITION
354,614
2,251,047
3,808,365
2,949,074
1,364,265
NET POSITION, Beginning, as restated
(3,312,904)
(9,077,876)
(8,662,757)
(11,758,186)
(7,572,496)
NET POSITION, Ending
(2,958,290)
$
(6,826,829)
$
(4,854,392)
$
(8,809,112)
$
(6,208,231)
$
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
Discretely Presented Component Units (Continued)
Combining Statement of Activities
For the Fiscal Year Ended June 30, 2022
145
Functions/Programs
Renaissance
Secondary
School
SkyView
Academy
Charter School
STEM School
World
Compass
Academy
Totals
EXPENSES
Instruction
1,126,250
$
2,543,801
$
4,407,310
$
1,110,335
$
58,685,978
$
Supporting Services
2,306,044
4,778,959
4,705,912
3,383,053
51,904,155
Interest on Long-Term Debt
671,550
1,430,525
1,504,205
1,248,506
12,761,000
Business Type Activities
-
297,875
546,169
-
3,118,500
Total Expenses
4,103,844
9,051,160
11,163,596
5,741,894
126,469,633
PROGRAM REVENUES
Charges for Services
1,121,108
1,211,882
432,118
653,353
15,371,044
Capital Grants and Contributions
91,105
-
-
-
1,330,172
Operating Grants and Contributions
199,239
63,243
255,721
66,218
3,279,253
Total Program Revenues
1,411,452
1,275,125
687,839
719,571
19,980,469
Net Program Expenses
(2,692,392)
(7,776,035)
(10,475,757)
(5,022,323)
(106,489,164)
GENERAL REVENUES
Per Pupil Operating Revenue
2,820,365
10,859,189
14,401,906
5,837,544
138,116,438
Mill Levy
395,766
1,506,308
2,000,416
809,713
16,607,940
Capital Construction
-
370,375
524,301
197,990
2,998,291
Investment Earnings
2,325
2,387
53,445
5,351
83,832
Contributions and Grants
-
453,150
3,485
38,051
2,630,217
Other
4,531
108,934
2,163,540
5,200
5,426,375
Total General Revenues and Transfers
3,222,987
13,300,343
19,147,093
6,893,849
165,863,093
CHANGE IN NET POSITION
530,595
5,524,308
8,671,336
1,871,526
59,373,929
NET POSITION, Beginning, as restated
(5,012,100)
(21,952,245)
(20,229,280)
(10,029,008)
(200,973,956)
NET POSITION, Ending
(4,481,505)
$
(16,427,937)
$
(11,557,944)
$
(8,157,482)
$
(141,600,027)
$
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
Discretely Presented Component Units (Continued)
Combining Statement of Activities
For the Fiscal Year Ended June 30, 2022
146
THIS PAGE INTENTIONALLY LEFT BLANK
147
STATISTICAL
SECTION
148
THIS PAGE INTENTIONALLY LEFT BLANK
149
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
Listing of Statistical Information
The Statistical Section presents detailed information that assists users in utilizing the basic financial statements, related notes to
the financial statements as well as required and other supplementary information to assess the condition of Douglas County
School District Re.1.
Financial Trends Data
....................................................................................................................................
150-157
These schedules show trend information to help the reader understand the District’s performance and financial position over
time.
Net Position by Component
Change in Net Position
Fund Balances, Governmental Funds
Change in Fund Balances, Governmental Funds
Revenue Capacity Data
..................................................................................................................................
158-163
These schedules present property tax information related to the District.
Assessed Value and Estimated Actual Value of Taxable Property
Direct and Overlapping Property Tax Rates
Principal Property Tax Payers
Property Tax Levies and Collections
Debt Capacity Data
.........................................................................................................................................
164-173
These schedules present information regarding the District’s levels of outstanding debt and other related information.
Ratios of Outstanding Debt by Type
Ratios of
Net General Bonded Debt Outstanding
Estimated Overlapping General Obligation Debt
Legal Debt Margin
Demographic and Economic Statistics
..........................................................................................................
174-175
These schedules provide demographic and economic indicators relative to the District.
Demographic and Economic Statistics
Principal Employers
Operating Information
....................................................................................................................................
176-180
These schedules contain service and infrastructure data pertaining to the District operations for the last ten years.
Full-time Equivalent District Employees by Function/Program
Operating Indicators
Capital Asset Statistics by Type
Note: Unless otherwise noted, the information in these schedules is derived from internal sources.
150
2022
2021
2020
General Activities:
Net Investment in Capital Assets
423,650,011
$
372,855,713
$
363,201,591
$
Restricted
88,291,789
104,218,835
86,916,311
Unrestricted
(707,113,885)
(985,242,693)
(1,266,898,849)
Total Governmental Activities Net Position
(195,172,085)
$
(508,168,145)
$
(816,780,947)
$
Business-type Activities
Net Investment in Capital Assets
-
$
-
$
-
$
Restricted
-
-
-
Unrestricted
-
-
-
Total Business-type Activities Net Position
-
$
-
$
-
$
Primary Government
Net Investment in Capital Assets
423,650,011
$
372,855,713
$
363,201,591
$
Restricted
88,291,789
92,120,752
86,916,311
Unrestricted
(707,113,885)
(973,144,610)
(1,266,898,849)
Total Primary Government Net Position
(195,172,085)
$
(508,168,145)
$
(816,780,947)
$
(1)
In fiscal year 2019, the District restated beginning net position/fund balance due to the reclassification of the
agency fund to non-major special revenue fund. In accordance with GASB Statement No. 84,
Fiduciary Activities,
the District has reclassified the Pupil Activities Fund from a Fiduciary Fund to a Special Revenue Fund.
Balances prior to 2019 have not been restated for these accounting changes.
(2)
In fiscal year 2017, the District restated beginning balance net position/fund balance due to the adoption of GASB
Statement No. 75,
Accounting and Financial Reporting for Post Employment Benefits Other Than Pension.
In addition, the District restated Nutrition Services Funds 21 and 28 due to the omission of accounts receivable
and unearned revenues.
(3)
In fiscal year 2015, the District restated beginning net position/fund balance due to reclassification of non-major
enterprise funds to non-major special revenue funds. Consistent with the guidance from the Colorado Department
of Education and in accordance with GASB Statement No. 54,
Fiduciary Funds,
management of the District
has reclassified the Nutrition Services Fund and Child Care Fund from an enterprise fund to a special revenue fund,
and the Outdoor Education Fund as part of the Combined General Fund.
In addition, during fiscal year 2015, the District adopted GASB Statement No. 68,
Accounting and Financial
Reporting for Pensions
, which requires the District to record its proportionate share of PERA's net pension
liability and related deferred inflows and outflows of resources in the government-wide financial statement.
Balances prior to 2015 are shown as originally presented and have not been restated for these accounting changes.
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
Net Position by Component
Last Ten Fiscal Years
151
Table 1
Restated
2019
(1)
2018
2017
(2)
2016
2015
(3)
2014
2013
340,650,911
$
320,514,061
$
300,050,580
$
266,307,934
$
223,953,589
$
195,973,287
$
174,072,099
$
81,677,807
78,274,093
85,827,425
87,678,033
102,440,756
95,722,952
74,749,578
(1,429,010,082)
(1,573,314,701)
(1,188,832,840)
(829,825,456)
(800,342,280)
45,382,747
72,738,537
(1,006,681,364)
$
(1,174,526,547)
$
(802,954,835)
$
(475,839,489)
$
(473,947,935)
$
337,078,986
$
321,560,214
$
-
$
-
$
-
$
-
$
-
$
3,528,490
$
3,290,033
$
-
-
-
-
-
-
-
-
-
-
-
-
4,526,262
839,446
-
$
-
$
-
$
-
$
-
$
8,054,752
$
4,129,479
$
340,650,911
$
320,514,061
$
300,050,580
$
266,307,934
$
223,953,589
$
199,501,777
$
177,362,132
$
81,677,807
78,274,093
85,827,425
87,678,033
102,440,756
95,722,952
74,749,578
(1,429,010,082)
(1,573,314,701)
(1,188,832,840)
(829,825,456)
(800,342,280)
49,909,009
73,577,983
(1,006,681,364)
$
(1,174,526,547)
$
(802,954,835)
$
(475,839,489)
$
(473,947,935)
$
345,133,738
$
325,689,693
$
152
(1)
In fiscal year 2019, the District restated beginning net position/fund balance due to the reclassification of the agency fund to
non-major special revenue fund. In accordance with GASB Statement No. 84,
Fiduciary Activities,
the District has
reclassified the Pupil Activities Fund from a Fiduciary Fund to a Special Revenue Fund. Balances prior to 2019 have not
been restated for these accounting changes.
2022
2021
2020
EXPENSES
Governmental Activities:
Instruction
181,432,023
$
152,779,508
$
249,946,956
$
Supporting Services
192,394,856
165,281,130
192,834,057
Payment to Component Units
(2)
160,011,621
137,809,602
153,937,969
Interest on Long-Term Debt
20,500,936
21,929,753
23,269,63
9
Total Governmental Activity Expenses
554,339,436
477,799,993
619,988,621
Business-type Activities:
Nutrition Services
-
-
-
Non-Major Enterprise Funds
-
-
-
Total Business-type Activities Expenses
-
-
-
Total Primary Governmental Expenses
554,339,436
477,799,993
619,988,621
PROGRAM REVENUES
Governmental Activities:
Charges for Services
47,834,362
27,990,71
0
53,385,531
Operating Grants and Contributions
100,467,777
93,326,049
49,786,15
6
Capital Grants and Contributions
-
-
-
Total Governmental Activities Revenues
148,302,139
121,316,759
103,171,687
Business-type Activities:
Charges for Services - Nutrition Services
-
-
-
Operating Grants and Contributions
-
-
-
Charges for Services - Non-Major Enterprise Funds
-
-
-
Total Business-type Activities
-
-
-
Total Primary Governmental Program Revenues
148,302,139
121,316,759
103,171,687
Net (Expense) Revenue
Governmental Activities
(406,037,297)
(356,483,234)
(516,816,934)
Business-type Activities
-
-
-
Total Primary Governmental Net Expense
(406,037,297)
(356,483,234)
(516,816,934)
GENERAL REVENUES AND OTHER CHANGES IN NET POSITION
Governmental Activities:
Property Taxes
355,363,007
322,974,647
318,364,477
Specific Ownership Taxes
31,147,922
31,547,273
25,595,80
2
State Equalization
321,796,077
294,169,769
335,347,882
Investment Earnings
320,048
702,384
10,638,873
Grants and Contributions not Specific to Programs
6,294,825
3,935,292
11,633,777
Othe
r
4,111,478
11,766,671
5,136,54
0
Transfers
-
-
-
Total Governmentalal Activities
719,033,357
665,096,036
706,717,351
Business-type Activities:
Othe
r
-
-
-
Transfers
-
-
-
Total Business-type Activities
-
-
-
Total Primary Governmental General Revenues
719,033,357
665,096,036
706,717,351
CHANGE IN NET POSITION
Governmental Activities
312,996,06
0
308,612,802
189,900,417
Business-type Activities
-
-
-
TOTAL CHANGE IN NET POSITION
312,996,06
0
$
308,612,802
$
189,900,417
$
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
Change in Net Position
Last Ten Fiscal Years
153
(2)
In fiscal year 2015, the District restated beginning net position/fund balance due to reclassification of non-major enterprise
funds to non-major special revenue funds. Consistent with the guidance from the Colorado Department of Education and in
accordance with GASB Statement No. 54,
Fiduciary Funds,
management of the District has reclassified the Nutrition
Services Fund and Child Care Fund from an enterprise fund to a special revenue fund, and the Outdoor Education Fund as
part of the Combined General Fund.
(3)
Increased due to the adoption of GASB Statement No. 68,
Accounting and Financial Reporting for Pensions,
beginning in
2015.
Table 2
2019
2018
2017
2016
2015
(2)(3)
2014
2013
254,172,228
$
575,136,21
0
$
484,977,831
$
329,000,833
$
301,623,918
$
274,095,30
4
$
270,892,918
$
194,903,578
358,768,35
0
345,400,596
220,462,709
224,759,449
192,408,77
0
171,113,103
140,793,998
116,696,635
105,366,488
91,493,127
80,957,702
73,281,995
59,994,588
19,319,13
0
15,244,244
17,549,955
20,438,609
24,041,678
28,911,33
0
30,187,963
609,188,93
4
1,065,845,439
953,294,87
0
661,395,278
631,382,747
568,697,399
532,188,572
-
-
-
-
-
14,628,994
14,470,523
-
-
-
-
-
9,938,248
9,457,49
0
-
-
-
-
-
24,567,242
23,928,013
609,188,93
4
1,065,845,439
953,294,87
0
661,395,278
631,382,747
593,264,641
556,116,585
67,245,742
64,905,244
58,998,077
56,412,403
53,492,483
28,530,827
27,874,86
0
48,402,673
41,319,993
41,944,598
40,351,338
36,769,664
30,342,355
28,777,165
-
-
-
-
-
-
-
115,648,415
106,225,237
100,942,675
96,763,741
90,262,147
58,873,182
56,652,025
-
-
-
-
-
12,179,758
10,941,844
-
-
-
-
-
3,091,358
3,602,925
-
-
-
-
-
10,490,492
9,664,55
4
-
-
-
-
-
25,761,608
24,209,323
115,648,415
106,225,237
100,942,675
96,763,741
90,262,147
84,634,79
0
80,861,348
(493,540,519)
(959,620,202)
(852,352,195)
(564,631,537)
(541,120,600)
(509,824,217)
(475,536,547)
-
-
-
-
-
1,194,366
281,31
0
(493,540,519)
(959,620,202)
(852,352,195)
(564,631,537)
(541,120,600)
(508,629,851)
(475,255,237)
290,585,916
248,797,953
234,440,643
237,419,629
230,044,555
224,180,235
225,526,25
0
28,076,258
26,409,216
23,870,092
22,236,877
21,630,69
0
19,916,387
17,961,028
319,317,806
295,788,353
296,915,245
288,952,398
293,357,217
270,410,41
4
255,686,365
8,368,512
2,195,821
832,512
378,573
147,171
144,848
247,485
5,162,745
4,999,420
8,792,764
8,651,74
4
-
-
-
8,675,038
9,857,727
7,472,809
5,100,762
9,923,025
13,296,105
12,407,767
-
-
-
-
-
(2,605,000)
55,042
660,186,275
588,048,49
0
572,324,065
562,739,983
555,102,658
525,342,989
511,883,937
-
-
-
-
-
125,907
-
-
-
-
-
-
2,605,000
(55,042)
-
-
-
-
-
2,730,907
(55,042)
660,186,275
588,048,49
0
572,324,065
562,739,983
555,102,658
528,073,896
511,828,895
166,645,756
(371,571,712)
(280,028,130)
(1,891,554)
13,982,058
15,518,772
36,347,39
0
-
-
-
-
-
3,925,273
226,268
166,645,756
$
(371,571,712)
$
(280,028,130)
$
(1,891,554)
$
13,982,058
$
19,444,045
$
36,573,658
$
154
2022
2021
2020
2019
(1)
Combined General Fund
Nonspendable
2,478,072
$
2,797,043
$
2,043,846
$
2,697,434
$
Restricted - TABOR Emergency Reserve & Medicaid
19,292,176
18,840,195
20,217,904
19,443,817
Committed
17,561,600
15,865,400
17,311,000
16,600,000
Assigned*
60,924,911
55,773,102
53,996,698
33,684,728
Unassigned*
68,316,785
61,602,949
24,230,656
25,221,607
Total Combined General Fund
168,573,544
$
154,878,689
$
117,800,104
$
97,647,586
$
All Other Governmental Funds
Nonspendable
-
$
-
$
-
$
-
$
Restricted:
Building/Aspen View Academy
40,624,932
109,950,863
211,846,865
267,785,743
Debt Service
63,480,642
71,813,488
67,613,197
61,833,048
Other
9,483,172
16,422,740
1,092,534
1,962,156
Assigned
6,668,176
3,086,669
4,081,808
6,836,427
Unassigned
-
-
-
-
Total All Other Governmental Funds
120,256,922
$
201,273,760
$
284,634,404
$
338,417,374
$
Governmental Funds
Nonspendable
2,478,072
$
2,797,043
$
2,043,846
$
2,697,434
$
Restricted
132,880,922
217,027,286
300,770,500
351,024,764
Committed
17,561,600
15,865,400
17,311,000
16,600,000
Assigned*
67,593,087
58,859,771
58,078,506
40,521,155
Unreserved*
68,316,785
61,602,949
24,230,656
25,221,607
Total Governmental Funds
288,830,466
$
356,152,449
$
402,434,508
$
436,064,960
$
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
Fund Balances, Governmental Funds
Last Ten Fiscal Years
* In a change in practice from prior years, the District is no longer assigning specific line items to the budget for the subsequent
school year, but rather electing to hold unassigned fund balance.
(1)
In fiscal year 2019, the District restated beginning net position/fund balance due to the reclassification of the agency fund to
non-major special revenue fund. In accordance with GASB Statement No. 84,
Fiduciary Activities,
the District has reclassified
the Pupil Activities Fund from a Fiduciary Fund to a Special Revenue Fund. Balances prior to 2019 have not been restated for
these accounting changes.
155
Table 3
2018
2017
2016
2015
(2)
2014
2013
2,071,980
$
1,123,187
$
734,119
$
734,907
$
1,027,061
$
820,300
$
17,206,688
15,995,000
15,995,000
15,290,000
15,132,000
14,043,000
15,038,500
15,995,000
15,995,000
20,390,000
20,200,000
18,724,000
32,142,379
56,267,152
70,091,929
58,787,558
51,379,987
70,303,824
14,704,878
589,821
555,667
463,134
786,854
537,143
81,164,425
$
89,970,160
$
103,371,715
$
95,665,599
$
88,525,902
$
104,428,267
$
559,786
$
524,065
$
647,527
$
671,255
$
-
$
30,000
$
-
1,541,920
5,727,695
9,071,898
14,986,393
14,342,407
60,143,652
59,416,714
59,084,589
68,501,246
62,838,660
59,535,070
1,219,256
8,873,791
6,870,749
7,368,073
2,765,899
1,171,508
7,096,058
-
101,953
-
-
-
-
-
-
-
-
-
69,018,752
$
70,356,490
$
72,432,513
$
85,612,472
$
80,590,952
$
75,078,985
$
2,631,766
$
1,647,252
$
1,381,646
$
1,406,162
$
1,027,061
$
70,333,824
$
78,569,596
85,827,425
87,678,033
100,231,217
95,722,952
89,091,985
15,038,500
15,995,000
15,995,000
20,390,000
20,200,000
18,724,000
39,238,437
56,267,152
70,193,882
58,787,558
51,379,987
820,300
14,704,878
589,821
555,667
463,134
786,854
537,143
150,183,177
$
160,326,650
$
175,804,228
$
181,278,071
$
169,116,854
$
179,507,252
$
(2)
In fiscal year 2015, the District restated beginning net position/fund balance due to a reclassification of
non-major enterprise funds to non-major special revenue funds. Consistent with the guidance from the
Colorado Department of Education and in accordance with GASB Statement No. 54,
Fund Balance
Reporting and Governmental Fund Type Definitions,
management of the District has reclassified the
Nutrition Services Fund and Child Care Fund from an enterprise fund to a special revenue fund, and
Outdoor Education Fund to the Combined General Fund. Balances prior to 2015 are shown as originally
presented and have not been restated for accounting changes.
156
2022
2021
2020
2019
REVENUES
Taxes
387,306,870
$
355,728,486
$
343,453,707
$
317,096,992
$
Intergovernmental
422,263,854
387,495,818
403,203,088
375,083,914
Charges for services
47,834,362
31,584,000
53,385,531
65,857,469
Investment Earnings
307,108
687,066
10,471,326
8,150,604
Other
16,790,910
11,512,856
17,863,071
13,107,087
Total Revenues
874,503,104
787,008,226
828,376,723
779,296,066
EXPENDITURES
Current operating:
Instructional
378,233,187
334,547,776
348,644,354
338,420,071
Supporting Services
244,056,700
211,514,524
233,914,083
221,809,509
Intergovernmental - Charter Schools
160,011,621
137,809,602
153,937,969
140,793,998
Capital Outlay
68,974,636
102,342,927
68,658,291
15,202,621
Debt Service:
Debt Issuance Costs
-
-
-
-
Principal
58,797,013
38,045,000
34,140,000
50,765,000
Interest and Fiscal Charges
19,539,364
21,295,487
22,763,531
18,398,121
Total Expenditures
929,612,521
845,555,316
862,058,228
785,389,320
OTHER FINANCING SOURCES (USES)
Bond Proceeds
-
-
-
249,975,000
Premium on Bonds
-
-
-
40,816,808
Payments to Refunded Bond Escrow
(12,218,034)
-
-
-
Issuance of COP
-
-
-
-
COP Charter School Repayment
-
12,098,083
-
-
Compensation for Loss of Asset
5,468
-
51,053
29,500
Issuance of Leases
-
-
-
-
Other Sources (Uses)
-
166,948
-
-
Transfers In
9,849,171
-
9,712,922
21,967,770
Transfers Out
(9,849,171)
-
(9,712,922)
(21,967,770)
Total Other Financing Sources (Uses)
(12,212,566)
12,265,031
51,053
290,821,308
Net Change in Fund Balances
(67,321,983)
$
(46,282,059)
$
(33,630,452)
$
284,728,054
$
Debt Service as a Percentage
of Non-Capital Expenditures
9.1%
8.0%
7.2%
9.0%
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
Change in Fund Balances, Governmental Funds
Last Ten Fiscal Years
157
Table 4
2018
2017
2016
2015
2014
2013
275,111,761
$
258,474,174
$
260,227,313
$
252,092,362
$
247,142,354
$
237,365,348
$
337,108,346
338,859,843
329,303,736
330,128,900
300,751,769
284,463,530
64,905,244
53,151,768
51,086,322
53,492,483
28,530,827
27,874,860
1,484,563
782,801
363,496
140,674
132,902
276,635
11,864,422
20,395,926
20,046,480
12,803,286
13,932,610
12,211,910
690,474,336
671,664,512
661,027,347
648,657,705
590,490,462
562,192,283
319,563,484
306,149,147
299,786,084
283,860,606
276,669,387
274,167,817
200,496,216
212,310,034
199,043,430
198,026,671
180,116,275
160,186,452
116,696,635
105,366,488
91,493,127
80,957,702
73,821,995
59,994,588
7,615,498
4,223,743
3,371,577
5,904,688
12,945,707
18,620,893
-
-
190,545
431,679
172,052
483,024
35,629,571
40,170,143
50,863,535
42,298,688
41,841,380
43,289,338
20,219,056
18,933,080
23,014,446
29,681,349
32,193,583
29,603,277
700,220,460
687,152,635
667,762,744
641,161,383
617,760,379
586,345,389
-
-
12,100,000
47,135,000
-
31,020,000
-
-
943,790
3,197,689
-
3,925,547
-
-
(12,846,310)
(49,891,056)
-
(34,353,871)
-
-
-
-
15,000,000
15,500,000
-
-
-
-
-
-
2,900
10,545
1,064,074
-
-
-
130,087
-
-
-
3,530,800
7,636,963
-
-
-
-
122,719
100,000
8,576,023
9,442,074
7,228,188
7,436,481
10,063,087
6,715,311
(8,576,023)
(9,442,074)
(7,228,188)
(7,436,481)
(12,668,087)
(6,715,311)
132,987
10,545
1,261,554
441,633
16,048,519
23,828,639
(9,613,137)
$
(15,477,578)
$
(5,473,843)
$
7,937,955
$
(11,221,398)
$
(324,467)
$
8.1%
8.7%
11.1%
11.3%
12.2%
12.8%
158
Tax
Collection
Assessed
Year
Year
Value
Actual Value
Vacant Land
Commercial
Industrial
Agricultural
2021
2022
5,074,406,970
$
63,748,831,281
$
370,445,890
$
2,156,021,600
$
266,528,660
$
23,356,690
$
2020
2021
4,609,305,950
57,905,853,643
307,869,190
2,053,095,370
226,348,660
19,976,660
2019
2020
4,466,842,560
56,116,112,563
312,951,200
2,042,457,140
202,691,420
19,835,070
2018
2019
3,842,166,270
48,268,420,477
267,594,630
1,937,411,920
163,037,980
18,791,620
2017
2018
3,732,587,220
46,891,799,246
299,988,170
1,893,860,500
163,071,690
18,256,950
2016
2017
3,443,604,810
43,261,366,960
221,157,040
1,634,129,580
131,056,010
19,095,700
2015
2016
3,348,508,890
42,066,694,598
233,290,650
1,625,150,430
129,205,900
18,640,540
2014
2015
2,772,808,070
34,834,272,236
207,204,100
1,438,065,210
116,662,310
17,590,720
2013
2014
2,700,797,330
33,929,614,698
212,708,100
1,409,372,620
113,493,760
17,339,320
2012
2013
2,633,649,430
33,086,048,116
230,484,200
1,352,916,980
107,361,790
16,897,990
(1)
Source: Douglas County Assessor
https://www.douglas.co.us/documents/2021-abstract.pdf/
(2)
Source: Douglas County Assessor -2021 Tax Districts and Authorities
https://www.douglas.co.us/documents/tax-districts-mill-levies.pdf/
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
Assessed Value and Estimated Actual Value of Taxable Property
(1)
Residental Property
Other Property Classes
Last Ten Calendar Years
159
Table 5
Other Property
Other Property
Total
Grand
Direct
(2)
Natural
State
Classes
Classes
Assessed
Total
Tax
Resources
Assessed
Assessed
Actual Value
Value
Actual Value
Rate
325,000
$
248,817,800
$
3,065,495,640
10,570,674,621
$
8,139,902,610
$
74,319,505,902
$
43.797
294,560
253,186,600
2,860,771,040
9,864,727,724
7,470,076,990
67,770,581,367
43.504
234,860
244,062,800
2,822,232,490
9,731,836,172
7,289,075,050
65,847,948,735
43.839
272,490
239,845,700
2,626,954,340
9,058,463,241
6,469,120,610
57,326,883,719
44.950
388,200
253,480,700
2,629,046,210
9,065,676,586
6,361,633,430
55,957,475,832
38.996
327,390
246,628,700
2,252,394,420
7,766,877,310
5,695,999,230
51,028,244,270
41.064
438,980
237,761,700
2,244,488,200
7,739,614,483
5,592,997,090
49,806,309,081
42.439
458,850
227,523,800
2,007,504,990
6,922,431,000
4,780,313,060
41,756,703,236
48.277
422,900
235,325,500
1,988,662,200
6,857,455,862
4,689,459,530
40,787,070,561
48.277
435,290
209,659,400
1,917,755,650
6,612,950,517
4,551,405,080
39,698,998,633
48.727
160
Debt
Assessment
Collection
General
Service
Douglas
Year
Year
Fund
Fund
Total
Count
y
(2)
Total
2021
2022
35.743
8.054
43.797
23.024
66.821
2020
2021
35.450
8.054
43.504
23.774
67.278
2019
2020
35.785
8.054
43.839
23.774
67.613
2018
2019
36.896
8.054
44.950
24.274
69.224
2017
2018
30.942
8.054
38.996
24.274
63.270
2016
2017
31.508
9.556
41.064
23.774
64.838
2015
2016
31.763
10.676
42.439
24.270
66.709
2014
2015
32.849
15.428
48.277
24.270
72.547
2013
2014
32.935
15.342
48.277
24.270
72.547
2012
2013
33.599
15.128
48.727
24.270
72.997
Table 6
Direct and Overlapping Property Tax Rates
(1)
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
Last Ten Calendar Years
(1)
In addition to the County and the School District, there are five cities and towns and
103 special districts which levy property taxes in Douglas County.
Because of this number of taxing entities, this table identifies only the District and
the County.
(2)
Includes the Law Enforcement Authority (LEA) and Douglas County Government.
Source: Douglas County Treasurer's Office
https://www.douglas.co.us/documents/tax-districts-mill-levies.pdf/
161
Table 7
Percentage
Percentage
of Total
of Total
Taxable
Taxable
Taxable
Taxable
Assessed
Assessed
Assessed
Assessed
Value
Rank
Value
Value
Rank
Value
Park Meadows Mall LLC (8401)
82,440,390
$
1
1.01%
61,970,950
$
1
1.37%
Public Service Company of CO (Xcel)
77,660,000
2
0.95%
47,490,100
5
1.05%
Core Electric Cooperative FKA IREA
67,396,400
3
0.83%
54,898,400
2
1.21%
HCA HealthOne LLC
62,254,350
4
0.76%
48,617,650
4
1.07%
Charles Schwab Lone Tree
30,572,960
5
0.38%
Kaiser Foundation Hospital
27,270,240
6
0.34%
Quest Corporation
21,736,600
7
0.27%
Craig Realty Group Castle Rock LLC
20,641,320
8
0.25%
VISA Technology & Operations
15,475,310
9
0.19%
Park Meadows Mall LLC (8419)
15,008,580
10
0.18%
Century Link (was Qwest Corporation)
53,535,660
3
1.18%
Target Corporation
16,207,030
6
0.36%
Plaza Drive Properties LLC
15,079,990
7
0.33%
Wells Reit II South Jamaica Street LLC
11,759,110
8
0.26%
Liberty Property Holdings Inc
10,950,090
9
0.24%
EchoStar Real Estate Corporation IV
10,384,380
10
0.23%
Total Principal Property Tax Payers
420,456,150
$
5.16%
330,893,360
$
7.30%
Total Taxable Assessed Value
8,140,179,380
$
4,538,350,570
$
Source: Douglas County Annual Comprehensive Financial Report
https://www.douglas.co.us/documents/2021-annual-comprehensive-financial-report.pdf/
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
Principal Property Tax Payers
2021
2012
Current Year and Nine Years Ago as of December 31
162
THIS PAGE INTENTIONALLY LEFT BLANK
163
Table 8
Percent of
Current
Percent
Total Tax
Assessment
Collection
Total
Tax
of Levy
Collection in
Total Tax
Collections
Year
Year
Tax Levy
Collections
Collected
Subsequent Years
Collections
to Levy
2021
2022
355,545,125
$
342,635,922
$
96.37%
166,522
$
342,802,444
$
96.42%
2020
2021
324,319,801
315,982,205
97.43%
502,202
316,484,407
97.58%
2019
2020
319,558,356
310,078,679
97.03%
115,045
310,193,724
97.07%
2018
2019
290,654,450
283,933,533
97.69%
57,829
283,991,362
97.71%
2017
2018
248,074,817
242,414,296
97.72%
26,010
242,440,306
97.73%
2016
2017
234,851,135
227,683,294
96.95%
501,829
228,185,123
97.16%
2015
2016
238,509,546
237,545,623
99.60%
450,136
237,995,759
99.78%
2014
2015
231,973,131
229,982,554
99.14%
86,893
230,069,447
99.18%
2013
2014
227,593,608
227,223,163
99.84%
103,769
227,326,932
99.88%
2012
2013
223,058,985
215,369,540
96.55%
28,714
215,398,254
96.57%
Source: Douglas County Treasurer's Office
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
Property Tax Levies and Collections
Last Ten Years
Collected within the Fiscal
Year of the Levy
(1)
(1)
Collections are from January 1 to August 31. Additional taxes will be collected from September 1 to December 31.
The above schedule lists property tax information for the assessment year. Property taxes are recognized by the District when due
and payable in the year following the assessment year. Current tax allocation listed above represent actual cash collections by the
County during the period. For financial purposes, the District includes within property tax revenue amounts received during the
60 days following the end of the fiscal year, resulting in final tax collections which may be higher than amounts reported above.
164
Year
General
Certificates
Total
Ended
Obligation
of
Accreted
Bond
Primary
June 30,
Bonds
Participation
Interest
Premiums
Leases
Government
2022
364,225,000
$
8,680,000
$
3,403,454
$
40,482,635
$
9,869,424
$
426,660,513
$
2021
419,585,000
22,385,000
2,379,722
50,892,604
3,623,865
498,866,191
2020
455,050,000
24,965,000
1,655,232
57,410,391
4,557,113
543,637,736
2019
486,665,000
27,490,000
1,142,467
64,228,806
5,465,076
584,991,349
2018
272,435,000
42,510,000
779,558
28,275,838
6,318,769
350,319,165
2017
305,059,570
45,515,000
5,780,971
31,144,205
7,096,285
394,596,031
2016
342,249,713
48,495,000
7,095,655
35,369,506
8,171,653
441,381,527
2015
390,608,248
50,510,000
9,620,808
45,288,506
9,206,434
505,233,996
2014
432,426,936
52,200,000
15,722,043
49,067,791
10,174,165
559,590,935
2013
470,743,316
40,735,000
19,695,769
53,252,046
7,364,704
591,790,835
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
Ratios of Outstanding Debt by Type
Governmental Activities
Last Ten Years
(1)
Douglas County Government
https://www.douglas.co.us/documents/2021-abstract.pdf/
(2)
2021 Douglas County Annual Comprehensive Financial Report -
Demographic and Economic Statistics
https://www.douglas.co.us/documents/2021-annual-comprehensive-financial-report.pdf/
Figures included in this schedule represent the most recent data available.
2021 and prior numbers have not been revised to match the County’s updated data.
165
Table 9
Personal
Percentage
Total
Assessed
Income
(2)
of Personal
Debt Per
Value
(1)
(in thousands)
Population
(2)
Income
Capita
8,139,902,610
$
29,776,147
$
373,275
1.43%
1,143
$
7,470,076,990
30,923,747
379,000
1.61%
1,316
7,289,075,050
28,072,588
370,000
1.94%
1,469
6,469,120,610
27,021,840
358,000
2.16%
1,634
6,361,633,430
22,765,492
346,000
1.54%
1,012
5,695,999,230
22,558,704
336,000
1.75%
1,174
5,592,997,090
21,713,011
328,990
2.03%
1,342
4,780,313,060
19,900,804
308,000
2.54%
1,640
4,689,459,530
18,561,913
302,464
3.01%
1,850
4,551,405,080
21,737,873
295,689
2.72%
2,001
166
Table 10
Debt
Percentage
Year
General
Service
Net
of Actual
Personl
Ended
Obligation
Funds
Bonded
Taxable Value
Per
Actual
Assessed
Income
(2)
June 30
,
Bonds
(3)
Available
Debt
of Property
Capita
Value
Value
(1)
(in thousands)
Population
(2)
2022
408,111,089
$
23,550,000
$
384,561,089
$
0.52%
1,030
$
74,319,505,902
$
8,139,902,610
$
29,776,147
$
373,275
2021
472,857,326
36,635,000
436,222,326
0.64%
1,151
67,770,581,367
7,470,076,990
30,923,747
379,000
2020
514,115,623
35,465,000
478,650,623
0.73%
1,294
65,847,948,735
7,289,075,050
28,072,588
370,000
2019
552,036,273
31,615,000
520,421,273
0.91%
1,454
57,326,883,719
6,469,120,610
27,021,840
358,000
2018
301,490,396
39,698,856
261,791,540
0.47%
757
55,957,475,832
6,361,633,430
22,765,492
346,000
2017
341,984,746
41,671,933
300,312,813
0.59%
894
51,028,244,270
5,695,999,230
22,558,704
336,000
2016
384,714,874
37,190,142
347,524,732
0.70%
1,056
49,806,309,081
5,592,997,090
21,713,011
328,990
2015
445,517,562
48,358,535
397,159,027
0.95%
1,289
41,756,703,236
4,780,313,060
19,900,804
308,000
2014
497,216,770
39,363,688
457,853,082
1.12%
1,514
40,787,070,561
4,689,459,530
18,561,913
302,464
2013
543,691,131
46,691,379
496,999,752
1.25%
1,681
39,698,998,633
4,551,405,080
21,737,873
295,689
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
Ratios of Net General Bonded Debt Outstanding
Last Ten Years
(1)
Douglas County Government
https://www.douglas.co.us/documents/2021-abstract.pdf/
(2)
Douglas County Annual Comprehensive Financial Report
https://www.douglas.co.us/documents/2021-annual-comprehensive-financial-report.pdf/
(3)
General Obligation Bond related amounts include General Obligation Bonds, accreted interest and bond premiums
Figures included in this schedule represent the most recent data available.
Data is estimated and is subject to change based on updated information.
2020 and prior numbers have not been updated to match the County’s updated data.
167
2021
Entity's
Assessed
Debt
Valuation
(2)
Outstanding
Percent
Amount
Direct Debt
Douglas County School District RE-1
$
8,139,902,610
$
426,660,513
1.00
$
426,660,513
Overlapping G.O. Debt
(1)
Outstanding
Name of Overlapping Entity
(1)
Valuation
(2)
G.O. Debt
Percent
Amount
Antelope Heights Metropolitan District
(4)
$
18,809,530
$
11,046,000
100
%
$
11,046,000
Anthology West Metropolitan District No. 2
(4)
12,312,340
1,597,794
100
1,597,794
Anthology West Metropolitan District No. 4
(4)
9,714,870
10,000,000
100
10,000,000
Anthology West Metropolitan District No. 5
(4)
2,865,890
5,328,000
100
5,328,000
Arapahoe County Water and Wastewater P.I.D.
797,305,147
124,001,951
8.94
11,085,774
Belford North M etropolitan District
(4)
1,350
39,155,000
100
39,155,000
Bella M esa M etropolitan District
(4)
4,164,150
22,705,000
100
22,705,000
Canterberry Crossing M etropolitan District
37,607,400
7,880,000
100
7,880,000
Canterberry Crossing M etropolitan District II
27,204,510
8,210,000
100
8,210,000
Canyons Metropolitan District No. 3
(4)
1,230
31,270,000
100
31,270,000
Canyons Metropolitan District No. 5
(4)
30,777,170
59,425,000
100
59,425,000
Canyons Metropolitan District No. 6
(4)
30,777,160
14,797,000
100
14,797,000
Carousel Farms M etropolitan District
(4)
2,669,990
3,162,500
100
3,162,500
Castle Oaks Metropolitan District
(4)
32,092,020
14,660,000
100
14,660,000
Castle Oaks Metropolitan District No. 3
(4)
32,924,200
34,250,000
100
34,250,000
Castle Pines Commercial Metro. District No. 1
(5)
6,671,740
5,240,000
100
5,240,000
Castle Pines Commercial Metro. District No. 4
(4)
8,512,390
4,545,000
100
4,545,000
Castleview M etropolitan District No. 1
(4)
15,170
18,887,000
100
18,887,000
Castleview M etropolitan District No. 2
(4)
2,258,600
4,593,000
100
4,593,000
Castlewood Ranch M etropolitan District
44,086,240
14,320,000
100
14,320,000
Chambers Highpoint M etropolitan District No. 2
340
11,300,000
100
11,300,000
Cherokee Ridge Estates Metropolitan District
4,245,080
700,000
100
700,000
Cherry Creek South M etropolitan District No. 5
(4)
2,290
68,549,000
100
68,549,000
Cielo M etropolitan District
(4)
2,204,150
17,942,000
100
17,942,000
Compark Business Campus M etropolitan District
68,026,110
48,045,000
100
48,045,000
Concord M etropolitan District
60,574,650
3,000,000
100
3,000,000
Consolidated Bell M ountain Ranch M etro. District
(4)
21,951,970
10,790,000
100
10,790,000
Cottonwood Highlands Metropolitan District No. 1
(4)
17,006,050
19,155,000
100
19,155,000
Cottonwood Water and Sanitation District
137,138,168
8,473,337
100
8,473,337
Crowfoot Valley Ranch M etro. District No. 2
(4)
8,657,680
35,205,000
100
35,205,000
Crystal Crossing M etropolitan District
(4)
11,302,100
8,030,000
100
8,030,000
Crystal Valley M etropolitan District No. 2
87,183,780
56,660,000
100
56,660,000
Elkhorn Ranch M etropolitan District No. 1
(4)
14,177,250
8,660,000
100
8,660,000
Foxhill M etropolitan District No. 2
(4)
2,622,680
6,000,000
100
6,000,000
Hess Ranch M etropolitan District No. 6
(4)
730
102,826,000
100
102,826,000
Highfield Metropolitan District
43,432,350
5,785,000
100
5,785,000
In addition to the general obligation indebtedness of the District, other taxing entities are authorized to incur general obligation debt
within boundaries which overlap or partially overlap the boundaries of the District. The following table sets forth the estimated
overlapping general obligation debt attributable to property owners within the District as of the date of this Offical Statement.
Additional taxing enties may overlap with the District in the future.
Attributable to the District
(
3
)
Estimated Overlapping General Obligation Debt
Table 11
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
Estimated Overlapping General Obligation Debt
Outstanding G. O. Debt
168
Name of Overla
pp
in
g
Entit
y
(1)
Valuation
(2)
G.O. Debt
Percent
Amount
Hilltop Metropolitan District
(4)
1,060
1,855,000
100
1,855,000
Horse Creek M etropolitan District
16,152,550
3,675,000
100
3,675,000
Horseshoe Ridge Metro. Districts Nos. 1 to 3
(6)
12,628,240
3,850,000
100
3,850,000
Hunting Hill M etropolitan District
(4)
9,036,050
7,090,000
100
7,090,000
Inspiration Metropolitan District
(4)
68,321,010
76,475,000
100
76,475,000
Inverness M etropolitan Improvement District
421,850,262
630,000
27.94
176,022
Inverness Water and Sanitation District
424,826,721
4,314,590
27.76
1,197,730
Jordan Crossing M etropolitan District
3,550,820
1,375,000
100
1,375,000
Lanterns Metropolitan District No. 1
(4)
9,189,540
22,120,000
100
22,120,000
Lanterns Metropolitan District No. 2
(4)
3,351,130
25,482,000
100
25,482,000
Larkspur Fire Protection District
185,264,190
1,160,000
100
1,160,000
Lincoln Creek M etropolitan District
(4)
8,759,050
5,895,000
100
5,895,000
Lincoln M eadows M etropolitan District
(4)
13,813,030
7,187,000
100
7,187,000
Lincoln Station M etropolitan District
(4)
53,853,050
13,850,000
100
13,850,000
Louviers Water and Sanitation District
(7)
3,401,210
1,570,328
100
1,570,328
M aher Ranch M etropolitan District No. 4
(4)
36,270,500
14,988,000
100
14,988,000
Meadowlark Metropolitan District
(4)
4,383,730
9,609,000
100
9,609,000
Meadows Metropolitan Districts Nos. 1 to 7
(8)
293,042,330
70,000,000
100
70,000,000
Meridian Metropolitan District
211,265,770
82,573,000
100
82,573,000
Meridian Village M etropolitan Districts Nos. 1 and 2
(9)
86,918,020
33,595,000
100
33,595,000
Miller’s Landing Business Improvement District
(10)
372,587
21,250,000
100
21,250,000
Mirabelle Metropolitan District No. 2
(4)
9,211,820
36,660,000
100
36,660,000
Neu Towne Metropolitan District
(4)
13,586,330
11,000,000
100
11,000,000
North Meridian Metropolitan District
544,160
645,810
100
645,810
North Pine Vistas Metropolitan District No. 2
(4)
8,387,320
10,490,000
100
10,490,000
North Pine Vistas Metropolitan District No. 3
(4)
17,448,830
18,769,000
100
18,769,000
North Pines Metropolitan District
5,362,638
1,760,000
100
1,760,000
Olde Town Metropolitan District
(4)
3,704,630
910,000
100
910,000
Overlook M etropolitan District
(4)
7,985,970
7,864,000
100
7,864,000
Parker Automotive M etropolitan District
11,248,720
15,261,000
100
15,261,000
Parker Homestead M etropolitan District
14,996,450
8,185,000
100
8,185,000
Parker Water and Sanitation District
882,212,758
81,045,000
100
81,045,000
Pine Bluffs M etropolitan District
24,183,358
3,585,000
100
3,585,000
Pinery West Metropolitan District No. 2
(4)
50,413,910
7,570,000
100
7,570,000
Promenade at Castle Rock Metro. District No. 1
(4)(11)
6,258,150
62,841,780
100
62,841,780
Rampart Range Metropolitan District No. 1
(12)
2,240
177,765,000
100
177,765,000
Rampart Range Metropolitan District No. 5
(13)
5,950
120,000
100
120,000
Ravenna M etropolitan District
24,417,780
43,450,000
100
43,450,000
Reata North Metropolitan
District
(4)
39,956,100
9,340,000
100
9,340,000
Reata Ridge Village Metropolitan District No. 2
(4)
2,216,590
5,739,000
100
5,739,000
Reata South M etropolitan District
(4)
27,264,750
19,330,000
100
19,330,000
Regency M etropolitan District
(4)
7,150,330
3,720,000
100
3,720,000
Remuda Ranch M etropolitan District
(4)
1,909,970
9,042,000
100
9,042,000
Robinson Ranch M etropolitan District
4,354,630
1,745,000
100
1,745,000
Rock Canyon M etropolitan District
(4)
658,630
2,035,000
100
2,035,000
Estimated Overlapping General Obligation Debt
Table 11
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
Estimated Overlapping General Obligation Debt
(Continued)
169
Name of Overla
pp
in
g
Entit
y
(1)
Valuation
(2)
G.O. Debt
Percent
Amount
Roxborough Water and Sanitation District
(7)
288,408,087
18,524,931
65.23
12,083,812
Roxborough Water and Sanitation District - Plum
Valley Heights Subdistrict
(7)
22,128,870
5,709,331
100
5,709,331
Salisbury Heights M etropolitan District
(4)
4,585,700
2,824,000
100
2,824,000
Sierra Ridge Metropolitan District No. 2
(4)
39,863,340
25,840,000
100
25,840,000
Solitude M etropolitan District
3,077,890
5,000,000
100
5,000,000
South M eridian M etropolitan District
43,361,510
3,990,000
100
3,990,000
South Suburban Park and Recreation District
3,744,781,554
37,880,000
23.24
8,803,312
Southeast Public Improvement M etro. District
(4)
2,951,215,373
2,230,000
30.09
671,007
Spring Valley M etropolitan District No. 4
(4)
9,060
14,761,000
100
14,761,000
Sterling Ranch Colorado Metro. District No. 2
(14)
35,882,470
39,925,000
100
39,925,000
Sterling Ranch Colorado Metro. District No. 3
(14)
24,871,460
88,685,000
100
88,685,000
Stone Canon Ranch M etropolitan District
2,126,950
109,930
100
109,930
Stone Creek M etropolitan District
(4)
8,540,970
9,470,000
100
9,470,000
Stonegate Village M etropolitan District
100,481,000
12,320,000
100
12,320,000
Tallman Gulch M etropolitan District
(4)
6,360,140
9,465,000
100
9,465,000
Thunderbird Water and Sanitation District
(7)
9,321,410
297,877
100
297,877
Timbers M etropolitan District
(4)
11,082,240
4,406,000
100
4,406,000
Trails at Crowfoot Metropolitan District No. 3
(4)
4,289,750
54,215,000
100
54,215,000
Trails Metropolitan District
(4)
3,700
6,999,000
100
6,999,000
Two Bridges Metropolitan District
(4)
4,029,530
3,723,000
100
3,723,000
Village on the Green Metro. District No. 1
2,920,020
1,302,083
100
1,302,083
Villages at Castle Rock Metropolitan Dist. No. 4 and
Founders Village Metropolitan District(15)
1,202,420
25,911,000
100
25,911,000
Villages at Castle Rock Metropolitan District No. 6
(4)
43,219,670
56,954,000
100
56,954,000
Villas Metropolitan District
(4)
3,721,310
4,940,000
100
4,940,000
West M etro Fire Protection District
5,345,892,190
16,690,000
3.10
517,390
Westcreek M etropolitan District No. 2
(4)
4,241,350
7,800,000
100
7,800,000
Total Overlapping
$
2,223,720,817
Total Direct Debt and Overlapping Debt
$
2,650,381,330
Estimated Overlapping General Obligation Debt
Table 11
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
Estimated Overlapping General Obligation Debt
(Continued)
(1)
The following entities also overlap the District, but have no outstanding general obligation debt:
Airport Vista Metropolitan Districts Nos. 1
and 2; Anthology West Metropolitan Districts Nos. 3 and 6; City of Aurora; Belford South Metropolitan District; BMR Metropolitan
District; Canyons Metropolitan Districts Nos. 1, 2, 4 and 7 to 11; Castle Oaks Metropolitan District No. 2; City of Castle Pines; Castle
Pines Commercial Metropolitan Districts Nos. 2 and 5; Castle Pines Metropolitan District; Castle Pines North Metropolitan District; Castle
Pines Town Center Metropolitan Districts Nos. 1 to 3; Town of Castle Rock; Castle Rock Downtown Development Authority; Castle Rock
Fire Protection District; Castleton Center Water and Sanitation District; Cedar Hill Cemetery Association; Centennial Water and Sanitation
District; Chambers Highpoint Metropolitan District No. 1; Chatfield South Water District; Cherry Creek Basin Water Quality Authority;
Cherry Creek South Metropolitan Districts Nos. 1, 4 and 6 to 11;
Citadel Station-Castle Meadows Urban Renewal Plan; Clearwater Metro-
politan District; Cottonwood Commercial Area Urban Renewal Plan; Cottonwood Highlands Metropolitan District No. 2; Cottonwood
Metropolitan District; Crowfoot Valley Ranch Metropolitan District No. 1; Crystal Valley Metropolitan District No. 1; Dawson Ridge
Metropolitan Districts Nos. 1 to 5; Denver Southeast Suburban Water and Sanitation District; Devils Head Metropolitan District; Dominion
Water and Sanitation District; Douglas County; Douglas County Law Enforcement Authority; Douglas County Libraries; Douglas County
Local Improvement Districts Nos. 01-01, 01-02, 01-03, 07-01, 94-001, 95-001 and 97-001; Douglas County Soil Conservation District;
Douglas County Woodmoor Mountain General Improvement District; E-470 Potomac Metropolitan District; E-470 Public Highway
Authority; Elbert County; Elbert County Library District; Foxhill Metropolitan District No. 1; Franktown Business Area Metropolitan
District; Franktown Fire Protection District; Grandview Estates Rural Water Conservation District;
Heritage Hills Metropolitan District;
Hess Ranch Metropolitan Districts Nos. 4, 5, 7 and 8; Hidden Pointe Metropolitan District; High Prairie Farms Metropolitan District;
Highlands Ranch Metropolitan District; Hillside at Castle Rock Metropolitan District; Jackson 105 Fire Protection District; Kings Point
170
Table 11
(Continued)
Estimated Overlapping General Obligation Debt
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
Estimated Overlapping General Obligation Debt
(1)
South Metropolitan Districts Nos. 1 and 2; Kiowa Soil Conservation District; Lanterns Metropolitan Districts Nos. 3 to 5; Town of Larkspur;
City of Littleton; City of Lone Tree; Lone Tree Business Improvement District; McArthur Ranch Metropolitan Recreation District; Meadow
Station Public Improvement District; Meridian Village Metropolitan Districts Nos. 3 and 4; Mirabelle Metropolitan Districts Nos. 1, 3 and 4;
Mountain Communities Fire Protection District; Newlin Crossing Metropolitan District; North Fork Fire Protection District; North Pine Vistas
Metropolitan District No. 1; Northern Douglas County Water and Sanitation District; Omnipark Metropolitan District; Overlook at Kings Point
South Metropolitan District; Park Meadows Business Improvement District; Park Meadows Metropolitan District; Town of Parker; Parker
Central Area Urban Renewal Plan; Parker Road Area Urban Renewal Plan; Perry Park Metropolitan District; Perry Park Water and Sanitation
District; Perry Park Water and Sanitation District (Water Service Area); Pinery Commercial Metropolitan Districts Nos. 1 and 2; Promenade at
Castle Rock Metropolitan District No. 2; Rampart Range Metropolitan Districts Nos. 3, 4 and 9; Rattlesnake Fire Protection District; Reata
Ridge Village Metropolitan District No. 1; Regional Transportation District; RockingHorse Metropolitan District No. 1; Roxborough Village
Metropolitan District; Sedalia Water and Sanitation District; Sierra Ridge Metropolitan District No. 1; Silver Heights Water and Sanitation
District; South Metro Fire Rescue Fire Protection District; South Santa Fe Metropolitan Districts Nos. 1 and 2; Southgate Sanitation District;
Southgate Water District; Southwest Metropolitan Water and Sanitation District; Spring Valley Metropolitan District No. 5;
Sterling Crossing
Commercial Metropolitan District; Sterling Crossing Residential Metropolitan District; Sterling Ranch Colorado Metropolitan Districts Nos. 1
and 4 to 7; Sterling Ranch Colorado Metropolitan District No. 7 Subdistricts A and B;
Town of Castle Rock Festival Park Commons General
Improvement District; Trails at Crowfoot Metropolitan Districts Nos. 1 and 2; United Water and Sanitation District; Upper South Platte Water
Conservancy District; Urban Drainage and Flood Control District; Urban Drainage and Flood Control District - South Platte Levy; Ute Pass
Regional Health Service District; Villages at Castle Rock Metropolitan Districts Nos. 7 and 9; West Douglas County Fire Protection District;
Westcreek Lakes Water District; Westcreek Metropolitan District No. 1; Westfield Metropolitan Districts Nos. 1 and 2; and The Yard
Metropolitan District.
(2)
The 2021 assessed valuation figures certified by the County Assessors are for the collection of ad valorem property taxes in 2022.
(3)
The percentage of each entity’s outstanding debt attributable to the District is calculated by comparing the assessed valuation of the portion
overlapping the District to the total assessed valuation of the overlapping entity.
To the extent the District’s assessed valuation changes
disproportionately with the assessed valuation of overlapping entities, the percentage of debt for which property owners within the District are
responsible will also change.
(4)
The debt of this district consists of limited tax general obligation bonds secured by a required mill levy, specific ownership taxes, and other
available moneys.
(5)
Castle Pines Commercial Metropolitan District No. 1 issued limited tax supported revenue bonds payable from the property taxes generated by
the debt service levies of Castle Pines Commercial Metropolitan Districts Nos. 3 and 4.
The 2021 assessed valuations of No. 3 and No. 4 are
$7,101,490 and $8,512,390, respectively.
(6)
Under a Capital Pledge Agreement, Horseshoe Ridge Metropolitan Districts Nos. 2 and 3 pledge certain tax revenues to pay Horseshoe Ridge
Metropolitan District No. 1’s property tax supported revenue bonds.
(7)
The debt of this district consists of mill levy supported loans from Colorado Water Resources and Power Development Authority and/or the
Colorado Water Conservation Board.
(8)
Seven contiguous districts formed as part of the Meadows project entered into a Regional Facilities Cost Sharing Agreement whereby each
district is liable for a portion of the total general obligation debt incurred by the other districts.
(9)
Meridian Village Metropolitan District No. 1’s debt is supported by pledged revenues partially consisting of ad valorem property taxes levied
against all taxable property in Meridian Village Metropolitan District No. 2.
(10)
Miller’s Landing Business Improvement District issued revenue bonds secured by contractually imposed public improvement fees with respect
to certain retail sales transactions, a debt service mill levy, specific ownership taxes, revenue generated from an urban renewal plan, revenues
from a contractually imposed requirement that payments in lieu of taxes be made by owners of tax-exempt property, and payments made under
a guaranty agreement with the developer.
(11)
Pursuant to a Capital Pledge Agreement, Promenade at Castle Rock Metropolitan District No. 3 transfers property tax revenue to Promenade at
Castle Rock Metropolitan District No. 1 for repayment of all the bonds.
The 2021 assessed valuation of Promenade at Castle Rock Metropoli-
tan District No. 3 is $67,254,490.
(12)
Pursuant to a Capital Pledge Agreement, Rampart Range Metropolitan Districts Nos. 2 and 7 transfer property tax revenue to Rampart Range
Metropolitan District No. 1 for repayment of all the bonds.
The 2021 assessed valuations of Nos. 2 and 7 are $27,445,790 and $232,754,330,
respectively.
(13)
Pursuant to a Capital Pledge Agreement, Rampart Range Metropolitan Districts Nos. 6 and 8 transfer property tax revenue to Rampart Range
Metropolitan District No. 5 for repayment of all the bonds.
The 2021 assessed valuations of Nos. 6 and 8 are $2,390 and $91,210, respectively.
(14)
Sterling Ranch Colorado Metropolitan Districts Nos. 1 to 7 formed the Sterling Ranch Community Authority Board (the “SRCA Board”) to
provide public services and facilities.
The SRCA Board issued limited tax and special revenue bonds secured by Sterling Ranch Colorado
Metropolitan Districts Nos. 2 and 3’s required mill levy, specific ownership taxes, and other available moneys.
(15)
Pursuant to a Plan for Adjustment of Debts approved by the United States Bankruptcy Court, Villages at Castle Rock Metropolitan District No.
4 (“Villages No. 4”) issued Revenue Refunding Bonds, Series 1991 in the amount of $29,970,000.
Pursuant to an agreement with Villages No.
4, Founders Village Metropolitan District is obligated to levy a limited mill levy to pay debt service on the bonds.
The bonds mature in 2031,
and any outstanding current interest, accrued but unpaid interest ($118,421,846 as of December 31, 2020), and principal amounts due as of such
date will be discharged.
The 2021 assessed valuation of Founders Village Metropolitan District is $64,642,320.
Sources: Assessors’ Offices of Arapahoe, Douglas, Elbert, and Jefferson Counties; Assessor’s Office of the City and County of Denver; and
individual taxing entities.
171
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172
2022
2021
2020
2019
Debt Limit
(1)
1,627,980,522
$
1,494,015,398
$
1,457,815,010
$
1,293,824,122
$
Total Debt Applicable to Limit
426,660,513
498,866,191
543,637,736
584,991,349
Legal Debt Margin
(2)
1,201,320,009
995,149,207
914,177,274
708,832,773
Total Debt Applicable to the Limit
as a Percentage of Debt Limit
26.21%
33.39%
37.29%
45.21%
(1)
Debt limits calculated by determining the total assessed value as reported in Table 9 and multiplying by 20 percent.
(2)
Legal debt margin is calculated by subtracting the "total debt applicable to limit from the debt limit".
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
Legal Debt Margin
For The Last Ten Fiscal Years
173
Table 12
2018
2017
2016
2015
2014
2013
$1,272,326,686
$1,139,199,846
1,118,599,418
$
956,062,612
$
937,891,906
$
910,281,016
$
350,319,165
394,596,031
441,381,527
505,233,996
559,590,935
591,790,835
922,007,521
744,603,815
677,217,891
450,828,616
378,300,971
318,490,181
27.53%
34.64%
39.46%
52.85%
59.66%
65.01%
174
Table 13
Per Capita
Personal
Average
Estimated
Personal
Income Total
Household
Median
School
Unemployment
Year
Population
Income
(in thousands)
Size
Age
Enrollment
Rate
2021
373,275
79,770
$
29,776,147
$
2.75
39.3
62,979
5.2%
2020
379,000
81,593
30,923,747
2.52
38.5
67,305
6.3%
2019
370,000
75,872
28,072,588
2.79
38.1
67,591
2.8%
2018
358,000
75,480
27,021,840
2.81
38.1
67,597
3.4%
2017
346,000
65,796
22,765,492
2.75
38.9
67,470
2.6%
2016
336,000
67,139
22,558,704
2.76
37.6
66,896
2.8%
2015
328,990
65,999
21,713,011
2.84
37.2
66,702
2.6%
2014
308,000
64,613
19,900,804
2.82
36.9
66,230
4.5%
2013
302,464
61,369
18,561,913
2.80
37.5
64,657
5.6%
2012
295,689
73,516
21,737,873
2.95
37.4
63,114
5.9%
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
Demographic and Economic Statistics
(1)
(1)
2021 Douglas County Annual Comprehensive Financial Report
https://www.douglas.co.us/documents/2021-annual-comprehensive-financial-report.pdf/
Figures included in this schedule represent the most recent data available.
Data is estimated and is subject to change based on updated information.
2020 and prior numbers have not been updated to match the County's updated data in their most recent
Annual Comprehensive Financial Report
175
2021 Douglas County Annual Comprehensive Financial Report
https://www.douglas.co.us/documents/2021-annual-comprehensive-financial-report.pdf
(1)
Based on full time equivalent.
Percent of
Percent of
Employees
Total County
Employment
Employees
Total County
Employment
Douglas County School District
(1)
6,174
1
3.37%
5,292
1
3.31%
Charles Schwab
4,470
2
2.44%
EchoStar Communications
2,170
3
1.18%
1,950
2
1.22%
Centura Health
1,510
4
0.82%
930
7
0.58%
Healthone: Sky Ridge Medical
1,360
5
0.74%
1,110
4
0.69%
Douglas County Government
1,359
6
0.74%
1,061
6
0.66%
VISA Debit Processing Services
1,200
7
0.65%
Specialized Loan Servicing LLC
840
8
0.46%
IHS Markit
730
9
0.40%
Jacobs Engineering (formerly CH2M Hill)
710
10
0.39%
1,630
3
1.02%
Western Union
-
-
-
1,090
5
0.68%
Information Handling Services
-
-
-
730
8
0.46%
AVAYA
-
-
650
9
0.41%
Liberty Media
-
-
-
620
10
0.39%
Total for Principal Employers
20,523
11.2%
15,063
9.4%
Total Employment in Douglas County
183,412
160,069
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
Principal Employers
Current Year and Nine Years Ago
2021
2012
176
2022
2021
2020
Instructional Services
Teacher
2,524
2,624
2,581
Teacher - Special Education
564
576
581
Instructional & Educational Assistants
(2)
245
229
307
Educational Assistants - Special Education
(2)
560
569
607
Preschool
(2)
78
80
89
Outdoor Education
(2)
20
12
22
School Support
Principals & Assistant Principals
173
170
171
Counselors
162
163
167
Student Support - Special Education
134
127
128
Student Support - Specialized Programming
11
11
9
Deans
26
25
26
Professional Learning Specialists
28
32
36
Librarians & Library Specialists/Assistants
(2)
52
57
62
Nurses & Health Assistants
(2)
86
87
84
Office/Administrative Support
(2)
284
288
306
Professional, Technical & Administrators
82
76
81
General Administration
Executive Cabinet
8
10
10
Office/Administrative Support
(2)
51
52
57
Professional, Technical & Administrators
89
83
91
Other Support Staff
(2)
4
4
5
Before and After School Child Care
Preschool & Child Care
(2)
103
111
118
Operations & Maintenance
Office/Administrative Support
(2)
6
8
8
Skilled Trade
(2)
184
205
220
Security Services
(2)
69
71
81
Transportation
(2)
250
257
347
Professional, Technical & Administrators
10
11
13
Nutrition Services
Kitchen & Office Workers
(2)
266
236
270
Total
6,069
6,174
6,477
Note: This listing represents filled positions as of May 1 of each fiscal year.
(1)
For fiscal year 2015 and prior, FTE for classified staff members (hourly workers) was defined as
number of yearly hours worked divided by 2,080 hours.
Last Ten Fiscal Years
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
Full-time Equivalent (FTE) District Employees by Function/Program
177
Table 15
2019
2018
2017
2016
2015
(1)
2014
2013
2,539
2,551
2,563
2,579
2,608
2,525
2,436
562
545
521
497
471
451
429
291
291
295
288
343
341
296
567
539
510
441
411
301
286
85
89
84
85
81
51
49
18
19
18
17
13
4
1
170
167
153
153
148
143
134
104
87
78
75
75
66
62
138
136
127
129
128
104
117
8
6
11
8
8
7
7
24
25
39
33
34
23
25
33
39
46
51
55
46
40
62
68
68
71
77
49
46
74
70
57
84
61
44
48
313
321
324
296
280
218
212
77
72
78
84
70
67
64
11
9
10
13
14
10
9
60
66
72
69
82
52
50
88
89
89
82
83
77
73
6
6
7
6
5
5
5
132
142
147
142
126
130
124
8
9
9
8
9
7
7
223
228
232
232
238
236
239
69
77
73
70
71
32
35
343
360
368
398
381
308
272
13
12
16
14
16
11
11
265
260
246
240
225
162
149
6,283
6,283
6,241
6,165
6,113
5,470
5,226
(2)
These staff members are the classified staff members identified in
(1)
above.
For fiscal years after 2015, the FTE was calculated as weekly hours worked divided by 40 hours.
For example, a classified employee working 20 hours per week is a 0.5 FTE.
178
(1)
Obtained from Colorado Department of Education, includes charter schools
* Information not available
2022
2021
2020
2019
School Enrollment
(1)
63,876
62,979
67,305
67,591
Funded Pupil Count (FPC)
(1)
64,035
63,534
65,405
63,926
Average Student Teacher Ratio
(1)
18.1
18.0
18.9
18.8
Expenses - Total Governmental Funds
931,393,870
$
845,555,316
$
862,058,228
$
785,389,320
$
Cost per FPC
14,545
$
13,309
$
13,180
$
12,286
$
Building Square Footage
6,714,527
6,714,527
6,714,527
6,714,527
Free & Reduced Student Count
(
1
)
7,025
6,812
7,896
8,053
% of Free & Reduced to Total School Enrollment
10.8%
10.8%
12.0%
11.9%
Graduation Rate
(1)
*
90.7%
91.2%
91.7%
Dropout Rate
(1)
*
0.6%
0.6%
0.6%
CDE Average Teacher Salary
(1)
58,193
$
57,919
$
60,557
$
59,471
$
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
Operating Indicators
Last Ten Fiscal Years
179
Table 16
2018
2017
2016
2015
2014
2013
67,597
67,470
66,896
66,702
66,230
64,657
63,977
63,729
63,572
63,354
62,610
61,199
20.1
20.3
20.8
22.4
21.5
20.8
700,220,460
$
687,152,635
$
667,762,744
$
641,161,383
$
617,230,379
$
586,345,389
$
10,945
$
10,782
$
10,504
$
10,120
$
9,858
$
9,581
$
6,714,527
6,714,527
6,680,458
6,678,758
6,661,633
6,661,633
8,135
7,788
7,954
7,326
8,023
7,321
12.4%
11.9%
12.2%
11.2%
11.5%
11.6%
90.8%
90.4%
90.1%
90.0%
93.0%
92.5%
0.7%
0.7%
0.6%
0.8%
0.8%
0.9%
53,080
$
52,044
$
51,274
$
50,165
$
50,652
$
50,656
$
180
Table 17
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
Schools
Elementary Schools
47
47
47
47
47
47
47
47
47
47
Middle Schools
9
9
9
9
9
9
9
9
9
9
High Schools
9
9
9
9
9
9
9
9
9
9
Charter Schools
17
17
18
18
18
16
15
15
13
13
Magnet Schools
2
2
2
2
2
2
2
2
2
2
Alternative Education
4
2
2
2
2
2
2
2
2
2
Plum Creek - Special Education
1
1
1
1
1
1
1
1
1
1
Administration
Administration
3
3
3
3
3
3
3
3
3
3
Bus Terminals
3
3
3
3
3
3
3
3
3
3
Operations & Maintenance
3
3
3
3
3
3
3
3
3
3
Warehouse
2
2
2
2
2
2
2
2
2
2
Stadiums
3
3
3
3
3
3
3
3
3
3
Last Ten Fiscal Years
DOUGLAS COUNTY SCHOOL DISTRICT RE. 1
Capital Asset Statistics by Type
181
COMPLIANCE
SECTION
182
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183